Volume sank 45% at the mortgage lending arm of JP Morgan Chase & Co.
Chase Home Finance originated $51 billion in loans during the fourth quarter, plunging from $93 billion the prior quarter, reported the parent company. In the same period a year earlier, volume stood at $61 billion.
Retail, wholesale and correspondent loans accounted for 73% of the volume, while corespondent negotiated transactions made up 27%, said JP Morgan.
In all of 2003, originations totaled $284 billion, soaring 82% above the prior year's level, according to the financial report.
Loans serviced totaled $470 billion at the year's end, compared to $426 billion a year earlier, the company reported.
JP Morgan, the parent company of Chase, announced annual net income of $6.7 billion, way above $1.7 billion in 2002.