In line with several big banking institutions, JPMorgan Chase & Co. reported production was down from the prior quarter. But a drop in correspondent purchases left JPMorgan with a much bigger decline.
Residential mortgage originations for the first quater were $38.5 billion, according to an announcement today, tumbling from the prior quarter's $44.4 billion and barely higher than the same period a year ago.
Bank of America, Citigroup and Wells Fargo all reported residential mortgage production declines from last year's fourth quarter of less than 6%, while JPMorgan's first quarter fundings fell more than 13%.
Volume from retail was $18.3 billion, the New York-based conglomerate reported, while wholesale accounted for $10.7 billion. At $9.5 billion, correspondent business was responsible for most of the production decline -- off from $14.2 billion reported during the fourth quarter 2004.
Home equity loan originations were $11.9 billion, the company said.
JPMorgan said the 30+ day delinquency rate on its $495.8 billion servicing portfolio was 1.15%.
First quarter earnings for the home finance unit were $442 million, the parent of Chase Home Finance reported, while net income for all of JPMorgan was $2.3 billion despite a $558 million litigation charge for the WorldCom settlement.