twitter linkedin
facebook google+
Search:

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News

 

Mortgage News

HOT Topics

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

www.loan-academy.com/
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 Originations Strengthen

$32.5 billion Q2 originations

July 15, 2010

By MortgageDaily.com staff


Quarterly residential production moved higher at JPMorgan Chase & Co. and is likely to continue expanding during the current quarter. The improvement was even more pronounced for earnings.

Mortgage originations expanded to $32.2 billion from the first quarter's $31.7 billion, according to second-quarter earnings data reported today. Business was worse, however, than $41.1 billion a year ago.

Retail originators generated $15.3 billion of the latest volume, leaping from the first quarter's $11.4 billion. Wholesale business was unchanged at $0.4 billion, correspondent production fell to $14.7 billion from $16 billion and negotiated transactions sank to $1.8 billion from $3.9 billion.

Home-equity origination volume was $0.3 billion, the same as the first quarter and half the level funded in the second-quarter 2009.

New business is likely headed higher, with second-quarter mortgage application volume surging to $52 billion from $39 billion three months earlier. Retail applications were up 37 percent and correspondent applications were 29 percent higher.

The New York-based company serviced $1.0552 trillion in mortgages for third parties as of June 30, less than $1.0750 trillion at the end of March. The servicing portfolio stood at $1.1175 trillion 12 months prior.

Mortgage holdings declined to $238.4 billion from $246.6 billion on March 31. Holdings were $270.5 billion a year earlier. Purchased credit-impaired loans accounted for $76.9 billion of the June 30 figure, .

The rate of 30-day delinquency on consumer loans, excluding government-insured loans, improved to 1.42 percent from the prior quarter's 1.47 percent and the prior year's 1.80 percent.

"Although we are gratified to see consumer-lending
net charge-offs and delinquencies decline, they remain at extremely high levels and therefore returns in our consumer-lending businesses are still unacceptable," JPMorgan Chairman and Chief Executive Officer Jamie Dimon said in the report.

Net income before taxes for mortgage banking and other consumer lending climbed to $630 million from the first quarter's $448 million the second-quarter 2009's $384 million. The improvement was driven by higher non-interest revenue and a lower provision for credit losses.

Second-quarter earnings for all of JPMorgan climbed to $4.8 billion from $3.3 billion the prior quarter and $2.7 billion the prior year.

"Our net income
increased to $4.8 billion, including the benefit from a $1.5 billion reduction of loan loss reserves -- which we do not believe represents normal ongoing earnings -- partially offset by a charge of $550 million for the U.K. bonus tax," Dimon said.

The retail financial services unit had 116,879 employees at the end of last month, more than 112,616 the prior quarter and 103,733 12 months prior. The business employed 6,785 sales specialists as of June 30, higher than 6,315 three months earlier.

Company-wide headcount ended the second quarter at 232,939, more employees than 226,623 at the end of the previous quarter and the 220,255 people working for the company on June 30, 2009.

JPMorgan profile

next story

back to current headlines

Bank news

Corporate Mortgage News
M e r g e r s, a c q u i s i t i o n s and private and public offerings. Other corporate activity including executive appointments, bankruptcies name changes.


Servicing News | Servicer Ranking | Delinquency Statistics
Stories about mortgage servicers, delinquency and f o r e c l o s u r e s. Coverage of servicing lawsuits and loan servicing technology.



SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter

MBS

mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders