Despite a dip in correspondent mortgage production, residential business at JPMorgan Chase & Co. mostly kept pace with the final quarter of last year.
Total mortgage origination volume was $22.4 billion during the three months ended March 31. Business dipped from the fourth quarter of last year, when $22.5 billion in loans were closed.
The New York-based financial institution disclosed the numbers, along with other operational and financial data, in its first-quarter 2016 earnings report.
Mortgage production was also off from the first-quarter 2015, when $24.7 billion in home loans were funded.
Retail originations made up $8.7 billion of first-quarter 2016 business, while the remaining $13.7 billion came from correspondent.
Chase reported a total mortgage servicing portfolio of $898.7 billion as of March 31, 2016.
The portfolio was reduced from the end of last year, when $910.1 billion in home loans were serviced, and the same point last year, when $924.3 billion was serviced.
The third-party portion of last month’s servicing portfolio was $655.4 billion.
Residential loan assets finished the first quarter at $229.040 billion, growing from $223.234 billion at the end of 2015 and $191.661 billion at the same point in 2015.
The most-recent investment portfolio consisted of $172.413 billion in residential mortgage and other loans and $56.627 billion in home-equity loans.
On the portion of its residential investment portfolio that is not purchased credit-impaired assets, 30-day delinquency fell 16 basis points from the end of last year to 1.41 percent. The 30-day rate was 2.30 percent on March 31, 2015.
The PCI loans had a delinquency rate of
10.47 percent, also relenting from the prior quarter, when the rate was 11.21 percent. Thirty-day delinquency on PCI loans was 12.25 percent as of the year-earlier quarter.
Net income within mortgage banking rose to $526 million from $266 million and was improved over the first-quarter 2015’s earnings of $326 million.
At the bank-holding company level,
income before income tax expense inched up to $7.6 billion from $7.4 billion diminished from $8.2 billion in the first quarter of last year.
Chase ended the first quarter with 129,925 people working in
consumer and community banking, more than the 127,094 in the division at the end of last year.
Company-wide headcount
was 237,420Â at the end of March, up from 234,598 as of the close of 2015. Staffing also expanded from 241,145 at the close of the first-quarter 2015.
