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Quarterly residential mortgage production by lender. Subprime, Alt-A, home equity and conforming originations. Volume by quarter since 2003.

Chase Reports Strong Business, Fewer Lates

$40.9 billion in Q3 fundings

Oct. 13, 2010

By staff

In a signal that U.S. home-loan production picked up in the third quarter, JPMorgan Chase & Co. reported a nearly one-third quarterly increase in originations. New applications indicate further strengthening is ahead. Other good news included a decline in mortgage delinquency.

The banking giant reported Wednesday $40.9 billion in fundings, jumping from $32.2 billion in mortgage business during the second quarter. The latest activity was also better than the $37.1 billion reported for the third-quarter 2009.

Originations are likely to continue higher, with total mortgage application volume surging to $66 billion from the second quarter's $52 billion.

Retail originators produced $19.2 billion of third-quarter production, higher than $15.3 billion in the prior period. Correspondent volume jumped to $19.1 billion from $14.7 billion, and negotiated transactions rose to $2.4 billion from $1.8 billion. Chase reported a 50 percent decline in wholesale originations -- to $0.2 billion.

Chase also said it originated $0.3 billion in home-equity loans, the same as the second quarter and lower than $0.5 billion a year ago.

Production from Jan. 1 to Sept. 30, including HELs, totaled $105.7 billion.

The third-party mortgage servicing portfolio finished last month at $1.0127 trillion, lower than the prior quarter's $1.0552 trillion and the third-quarter 2009's $1.0989 trillion.

Mortgages owned by the New York-based company fell to $230.7 billion from $238.4 billion at the end of June. Mortgage holdings were higher 12 months ago at $260.9 billion.

The latest total included $116.7 billion in home-equity loans, $60.8 billion in prime mortgages and $17.5 billion in subprime mortgages. The total also included $34.8 billion in adjustable-rate mortgages with payment options.

Residential borrowers who were at least 30 days past due, excluding purchased credit-impaired mortgages, represented 6.77 percent of loans owned by Chase. Delinquency was lower than 6.88 percent three months earlier and 7.46 percent a year earlier.

The company said it is addressing foreclosure affidavits and reviewing 115,000 loan files that are in the foreclosure process. New processes are being implement to ensure compliance with procedural requirements, though "underlying foreclosure decisions were justified by the facts and circumstances."

"We will re-file affidavits where appropriate," the report said. "We have delayed foreclosure sales in these states and will re-initiate when appropriate."

Chase said third-quarter earnings from mortgage banking and other consumer lending was $207 million, off 50 percent from the same period last year.

Repurchase reserves increased to $3 billion from $2 billion on June 30 and have steadily risen from $0.9 billion on Sept. 30, 2009.

Net income for all of JPMorgan was $4.4 billion, easing from $4.8 billion three months earlier but better than $3.6 billion a year earlier.

Headcount within the financial services unit was 119,424 on Sept. 30. Three months prior, the number of employees was 116,879. Headcount was also more than 106,951 at the same point in 2009.

Across all of JPMorgan, 236,810 employees worked for the company, more than 232,939 on June 30.

Chase profile

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