| Chase Business Tumbles
$38 billion 1st quarter production April 26, 2004 By MortgageDaily.com staff |
| Quarterly mortgage volume continued to fall at JPMorgan Chase and is nearly half below the total a year ago. At the same time, the company reports delinquency has significantly improved.
The New York company reported that its mortgage lending arm — Chase Home Finance — originated $38 billion in loans during the first quarter, down from the previous quarter’s $51 billion. Last year at this time, volume stood at $62 billion. Retail, wholesale and correspondent loans accounted for 79% of the latest volume, and correspondent negotiated transactions contributed 21%, JP Morgan said. Home equity fundings were reported at $7 billion. Loans serviced totaled $475 billion at the quarter’s end, up 9% from the figure a year earlier, according to the report. The 30+ day delinquency rate was reported at 1.32% — significantly better than the 1.81% in the fourth quarter and 2.31% a year ago. JP Morgan, which said it is on target to complete its midyear merger with Bank One, announced that its first quarter net income totaled $1.9 billion. |
