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 Rise and Headed Higher

Residential production up 8%

Oct. 12, 2012

By Mortgage Daily staff


Despite a drop in retail originations, quarterly residential production at JPMorgan Chase & Co. was higher thanks to its correspondent business and is poised to increase again. Home-loan assets, delinquency and earnings were all lower, as was the number of mortgage employees.

The New York-based financial services giant reported Friday third-quarter home-loan production of $47.3 billion. It marked the second consecutive quarter of growth.

Business strengthened from $43.9 billion in the prior three-month period and $36.8 billion in the same quarter during 2011. The improvement reflected "higher volumes due to historically low interest rates and the Home Affordable Refinance Programs."

Third-quarter activity included $25.5 billion in retail originations, slipping from $26.1 billion in the previous quarter. Correspondent volume, however, jumped to $20.1 billion from $16.5 billion, and negotiated transactions grew to $1.7 billion from $1.1 billion.

Business appears to be headed even higher based on loan applications, which climbed to $73.2 billion from the second quarter's $66.9 billion.

An additional $0.375 billion in home-equity loans were originated, increasing from the second quarter's $0.360 billion and third-quarter 2011 volume of $0.294 billion.

Total originations, including HEL production, was $130.6 billion during the nine months ended Sept. 30.

Chase finished the latest quarter with a third-party mortgage servicing portfolio of $814.8 billion, trimming the portfolio from $860.0 billion as of June 30 and cutting it from $924.5 billion as of Sept. 30, 2011.

The mortgage investment portfolio closed out last month at $181.491 billion, shrinking from $187.101 billion at the end of June and $203.631 billion at the same point in 2011. Home-equity holdings accounted for $91.118 billion of the total, while prime mortgages amounted to $76.466 billion and subprime loans were $13.254 billion.

Delinquency of at least 30 days on mortgage assets, excluding purchased credit-impaired loans, improved to 5.12 percent from 5.16 percent in the second quarter and 5.80 percent in the same quarter in 2011.

Chase reduced its mortgage repurchase liability to $3.099 billion from $3.293 billion in the second quarter. The total reflected $0.268 billion in realized losses and repurchase provisions of $0.074 billion.

Income before taxes within mortgage production and servicing slipped to $928 million from $996 million three months earlier. But the division saw income soar from $340 million a year earlier.

"In our mortgage banking business, we were encouraged that credit trends continued to modestly improve, and, as a result, the firm reduced the related loan loss reserves by $900 million," JPMorgan Chairman and Chief Executive Officer Jamie Dimon explained in the report. "Despite this improvement, the absolute level of charge-offs remains elevated. We also expect to see high default-related expense for a while longer."

During the latest period, income before taxes at the parent company jumped to $7.986 billion from the second quarter's $7.000 billion and was $5.818 billion in the third-quarter 2011.

Mortgage staffing was cut to 47,412 from 49,535 as of June 30. Headcount was 46,374 a year prior.

Chase finished September with 259,547 company-wide employees, fewer than the 262,882 people employed at the end of the second quarter. At the same point last year, headcount was 256,663.

Retail branch count climbed to 5,596 from 5,563 in the second quarter.

Chase profile

next story

back to current headlines


Bank news


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.


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.


Secondary Marketing News | Correspondent Lender Directory
Mortgage portfolio trades and forward commitments. Correspondent lending, r e p u r c h a s e s and warehouse news. Secondary marketing statistics and lawsuits.



Mortgage Employment News | Employment Index | Employment Statistics
Job additions, layoffs and employment lawsuits. Employment data from the Department of Labor, state tracking, reports and analysis. Job finding tips.


Logout forgot
password?

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