JPMorgan Chase & Co. quarterly originations slowed.
First quarter production of $40.6 billion fell from the previous quarter's volume of $44.0 billion, JPMorgan reported Wednesday. However, the latest fundings are better than the $38.6 billion originated in the comparable period a year ago.
Home equity originations trimmed down by about $0.4 billion from the previous quarter to account for $11.7 billion of the first quarter's volume, according to the company's financial supplemental report.
The remainder of the volume consisted of $12.4 billion in correspondent loans, $9.1 billion in retail originations and $7.4 billion in broker business, the report said.
The New York-based lender said it serviced $484.1 billion in third-party loans. The rate of loans past 30 days or more past due reportedly decreased 32 basis points from the fourth quarter to 1.36%.
JP Morgan announced mortgage banking net income of $39 million, about 38 percent worse than the fourth quarter.