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Dismal Results from Chase

Q3 production drops 17%

Oct. 11, 2013

By Mortgage Daily staff

Although the origination of residential loans tumbled, JPMorgan Chase & Co. managed to increase its home-equity originations. Earnings significantly deteriorated on legal expenses. But Chase improved home loan performance and maintained its servicing portfolio.

Residential loan originations between July 1 and Sept. 30, including home-equity loans, totaled $41.1 billion, the New York-based company said in its third-quarter earnings report.

Business slowed from the prior period, when $49.5 billion closed. Activity was also down from a year earlier, when volume was $47.7 billion.

During the first nine months of 2013, Chase originated $143.7 billion.

Included in third-quarter production was $0.580 in home-equity loan originations. HEL fundings were $0.499 billion in the second quarter.

In-house retail originators were responsible for $17.7 billion of the latest activity, down from $23.3 billion during the three months ended June 30. Correspondent production dropped to $22.8 billion from $25.6 billion.

Fourth-quarter volume appears poised to plummet even further based on new applications, which plunged to $40.4 billion in the third quarter from the prior period's $65.0.

The third-party servicing portfolio was little changed at $831.1 billion versus $832.0 billion at the end of June. Chase has grown its servicing portfolio from $811.4 billion as of Sept. 30, 2012.

Residential loan assets were trimmed to $170.486 billion from $171.357 billion as of June 30. Mortgage holdings were also down from the same point last year, when $181.491 billion was owned.

The most recent balance sheet numbers included $79.236 billion in HELs, $79.009 billion in prime mortgages and $11.673 billion in subprime loans. Chase classified $0.568 billion in mortgages as "other."

Thirty-day delinquency, excluding purchased credit impaired loans, sank to 3.81 percent from 4.17 percent at the end of the second quarter and 5.12 percent a year earlier.

On PCI loans, 30-day delinquency fell to 16.19 percent from 17.92 percent and was 20.65 percent one year prior.

Chase finished the latest period with $2.182 billion in repurchase liability and $3.658 billion in outstanding repurchase demands. More than 60 percent of demands received in the third quarter were on 2006 and 2007 vintage loans.

Mortgage banking income before taxes fell to $1.164 billion from the second quarter's $1.881 billion. But the division improved income from the third quarter of last year, when $1.028 billion was earned.

Third quarter mortgage banking income consisted of an $0.090 billion profit from production, $0.406 billion in losses from servicing and $1.480 billion in profits from real estate portfolios.

Company-wide income before taxes plunged to 0.034 billion from 9.298 billion three months earlier and $7.986 billion 12 months earlier.

The dismal third-quarter results reflected $9.15 billion for legal expense in corporate, including reserves for litigation and regulatory proceedings.

JPMorgan Chairman and Chief Executive Officer Jamie Dimon explained in the report that management thought it would be prudent to significantly strengthen legal reserves in light of the "highly charged and unpredictable environment." He projects volatile litigation costs over the next several quarters.

"The board continues to seek a fair and reasonable settlement with the government on mortgage-related issues -- and one that recognizes the extraordinary circumstances of the Bear Stearns and Washington Mutual transactions, which were undertaken at the request or encouragement of the U.S. Government," Dimon stated.

The report indicated that mortgage headcount is expected to be reduced by 11,000 employees this year.

The entire Chase organization ended September with a staff of 255,041 employees, nearly a thousand more than the 254,063 people on its payroll as of June 30 but fewer than at the same point last year, when headcount was 259,144.

The number of bank branches slipped to 5,652 from 5,657 in the second quarter.

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