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Origination News | Lender Ranking | Fundings by Lender | Statistics
Quarterly residential mortgage production by lender. Subprime, Alt-A, home equity and conforming originations. Volume by quarter since 2003.

Chase Earnings Improve, Originations Weak

$38.6 billion in 1st quarter fundings

April 16, 2009

By staff

More than half of JPMorgan Chase & Co.'s residential originations are being aquired through its correspondent channel. Even with its massive acquisition last year, Chase is on track to see its lowest annual production in at least six years. Earnings, meantime, shot up.

Residential originations were $38.6 billion during the first quarter, according to earnings data reported today. Fundings jumped from $29.8 in the prior quarter but tumbled from $53.8 billion a year earlier.

The pace of activity during the latest period suggests full-year volume could come in at around $150 billion -- lower than any year since at least 2003 despite last year's acquisition of Washington Mutual Bank. At Wells Fargo & Co., the only other major financial institution to report first-quarter orignations so far, first-quarter production of $100 billion has the company on track to exceed every year since 2003.

A report yesterday from the U.S. Department of the Treasury on lending by institutions that have received funding from the Troubled Asset Relief Program indicated Chase was the third biggest residential lender for the three months ended Feb. 28.

Included in Chase's quarterly production were $0.9 billion in home-equity loans, falling from $1.7 billion in the fourth quarter and tumbling from $6.7 billion during the first-quarter 2008.

Chase dumped its mortgage broker channel in January in a move the company's chief said he regretted not making sooner. As a result, only $2.6 billion of first-quarter activity was from the wholesale channel, while the share of broker originations has dropped from 23 percent a year ago to just 7 percent in the first quarter.

At the same time, retail share has risen to 36 percent from 27 percent -- reflecting an expansion in retail operations from its WaMu acquisition. First-quarter retail production was $13.6 billion.

But the biggest share of originations -- 57 percent -- came from the correspondent channel, which generated $21.5 billion including negotiated transactions. Correspondent share has risen from 51 percent in the first-quarter 2008.

The third-party servicing portfolio ended March at $1.149 trillion, down from $1.173 trillion at the end of last year.

The New York-based financial institution held $140.1 billion in home-equity loans as of March 31, while prime mortgage holdings were $86.8 billion and subprime mortgages owned were $21.2 billion. Another $40.2 billion in option adjustable-rate mortgages were also owned.

Earnings from retail financial services were $0.5 billion during the latest period, down from the fourth quarter's $0.6 billion but a vast improvement from an $0.3 billion loss in the first-quarter 2008.

First-quarter earnings company-wide were $2.1 billion, triple the prior quarter's $0.7 billion but lower than $2.4 billion a year earlier.

As of March 31, Chase employed 219,569 people, easing from 224,961 on Dec. 31. Included in the latest tally were 100,677 retail financial services employees, down from 102,007 three months earlier.

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