Chase Home Finance experienced a nice jump in quarterly production -- supported by strength in its secondary business.
According to the second quarter earnings announcement from parent company JPMorgan Chase & Co., residential mortgage volume was $56.8 billion, 50% higher than reported in the first quarter. During the same period in 2003, Chase originated $77.6 billion.
Correspondent negotiated transactions made up $12.4 billion of the fundings -- a 61% jump from the first quarter, the New York-headquartered company reported. Home equity fundings made up $9.8 billion of second quarter production.
Chase said its servicing portfolio was $493 billion, and its 30+ day delinquency rate was 1.18% -- down from 1.32% in the first quarter and 2.23% a year ago.
JPMorgan reported a net loss for the second quarter of $548 million -- attributed to a $2.3 billion charge to increase litigation reserves and $60 million for Bank One merger costs. Earnings at Chase Home Finance were $321 million.