Quarterly mortgage fundings leapt at Chase Home Finance and its sister businesses.
Second quarter mortgage production was $58.7 billion, jumping from a restated $48.8 billion during the prior period, JPMorgan Chase & Co. reported today. A year earlier, originations were a restated $45.2 billion.
The New York-based company said it restated prior mortgage production during the second quarter, reflecting the exclusion of originations through investment banking channels and the inclusion of all newly-originated mortgage loans sourced through the retail financial services channels. First quarter mortgage production was originally reported at $46.8 billion.
Retail fundings were $13.6 billion in the second quarter, while wholesale business was $12.8 billion and correspondent purchases were $6.4 billion, the report said. "CNT" volume was $11.3 billion.
Home equity production was $14.6 billion during the latest quarter, rising from $12.7 billion in the first quarter, according to the data. During the second quarter 2006, home equity business was $14.0 billion.
JPMorgan Chairman and CEO Jamie Dimon noted in the announcement that reserves for the home equity lending portfolio were strengthened during the second quarter.
The company reported its third-party servicing portfolio climbed to $572.4 billion as of June 30.
Second quarter net income from mortgage banking was $71 million, while earnings for all of JPMorgan was $4.2 billion, according to the report.