JPMorgan Chase & Co. pushed production to the highest level in over a year.
Mortgage originations rose 15% during the third quarter to $53.6 billion, 12% better than a year ago, the parent company of Chase Home Finance reported Wednesday.
The retail channel contributed nearly $24 billion to the latest fundings, while the wholesale division generated about $15 billion, according to JPMorgan's earnings release financial supplement. Correspondent negotiated transactions accounted for over $10 billion and the remainder came from the correspondent channel.
Home equity loan originations reportedly made up $14.3 billion of third quarter fundings, rising 9% from the previous quarter and 3% from a year earlier.
JP Morgan said the size of its third-party mortgage servicing portfolio grew 3% in the third quarter to $450 billion at the period's end. The 30+ day delinquency rate rose to 1.31%.
While the New York-based financial services firm announced net income of $2.5 billion soared 154% from the second quarter, it said the home finance division's operating earnings plunged 43% during the third quarter to $235 million but would have been $87 million higher excluding special provision for credit losses associated with Hurricane Katrina.