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Chase's Mortgage Earnings Sink, Lending Edges Up

Mortgage assets grow, delinquency down

Oct. 15, 2018

By Mortgage Daily staff

A modest quarter-over-quarter rise in single-family lending at JPMorgan Chase & Co. didn't translate into more profit for the segment. Mortgage holdings expanded, and delinquency improved.

During the three months that concluded on Sept. 30, income before income taxes came to $10.7 billion, according to Chase's third-quarter earnings report.

Results improved from the same three months during 2017, when the New York-based financial institution earned $9.6 billion. Income even crept up from the prior quarter's $10.6 billion.

"The current quarter included a reserve release of $250 million in the home-lending purchased credit-impaired portfolio, reflecting continued improvement in home prices and delinquencies," the report stated.

The home-lending business generated $260 million in fees and related income, including $106 million in production revenue and $152 million in net mortgage servicing revenue. Income sank from $428 million in the third-quarter 2017 and also declined from $324 million in the second quarter of this year.

Residential loan originations inched up to $24.5 billion from $23.7 billion the preceding three months. But business was well shy of the same three months during 2017, when home-lending volume came to $29.2 billion.

Of the $22.5 billion in mortgages originated just through the consumer and community banking segment, retail lending accounted for $10.6 billion, and correspondent acquisitions made up $11.9 billion.

Total company-wide mortgage originations amounted to $68.2 billion during the first-nine months of 2018.

Chase said it serviced $798.6 billion as of Sept. 30, 2018. The servicing portfolio was reduced from $802.6 billion at the end of the prior quarter and $821.6 billion on the same date a year prior.

The latest servicing portfolio included $526.5 billion in third-party servicing. The ratio of mortgage-servicing rights carrying value to the loans serviced was 1.22 percent, up from 1.16 percent the previous quarter.

Home-lending assets ended last month at $242.850 billion, growing from $241.238 billion three months earlier and $239.676 billion one year earlier. Holdings as of Sept. 30, 2018, were comprised of $205.389 billion in mortgages and $37.461 billion in home-equity loans.

Excluding purchased-credit impaired loans, delinquency on its conventional residential holdings improved to 0.81 percent from 0.86 percent at the midpoint of this year. A marked improvement has been made versus 1.03 percent at the same point last year.

On PCI loans, delinquency ended the latest period at 9.39 percent.

Within just the consumer and community banking business, headcount was 129,891, fewer people than 131,945 as of June 30 and 134,151 as of Sept. 30 of last year.

But company-wide staffing expanded to 255,313 people at the end of September from 252,942 employees as of mid-2018 and 251,503 on the same date last year.

Branch count was reduced to 5,066 from 5,091 three months previous. But Chase's chief said growth is ahead for the branch network.

"We are extremely excited to be expanding again, as smart regulatory policy and a competitive corporate tax system help us to deliver on our commitment to invest in our customers and communities," JPMorgan Chase Chairman and Chief Executive Officer Jamie Dimon said in the report. "We just opened our first branch in Washington, D.C., which is one of hundreds of new branches that we will be opening in new markets, including Philadelphia and Boston."

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