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Chase’s Mortgage Originations Run Upward

With a retail spike in quarterly home lending activity, overall mortgage production at JPMorgan Chase & Co. outran prior-period results.

From April 1 through June 30, Chase originated $25.0 billion in new mortgages, increasing its volume by $2.6 billion over the first quarter.

This information, along with other operational and financial data, was provided in the New York-based firm’s second-quarter earnings report.

Chase’s most recent volume was down, however, from the $29.3 billion closed in the second-quarter 2015.

Retail originations saw a $2.5 billion quarter-over-quarter gain and comprised $11.2 billion of total second-quarter originations.

Correspondent acquisitions at $13.8 billion made up the remaining second-quarter activity. Correspondent volume inched up from $13.7 billion three months earlier.

For the first half of 2016, Chase’s total new mortgage business came to $47.4 billion.

As of the end of June, the financial institution’s total mortgage servicing portfolio was at $880.3 billion.

The portfolio thinned from $898.7 billion reported at the end of the first quarter and $917.0 billion accounted for as of June 30 last year.

The mortgage servicing portfolio included $629.9 billion in third-party servicing.

At the end of the second-quarter, Chase’s balance sheet listed $233.239 billion in residential loan assets, a growth from $229.040 billion at the end of the first quarter and $203.130 billion as of June 30, 2015.

The investment portfolio’s latest residential holdings consisted of $54.569 billion in home-equity loans and $178.670 billion in residential mortgages and other loans.

On the portion of its residential investment portfolio that is not purchased credit-impaired assets, 30-day delinquency dropped eight basis points from the end of March to 1.33 percent at the end of June. As well, delinquency improved by 62 BPS from the rate listed on June 30 last year.

The 30-day delinquency rate on PCI loans was 10.09 percent or 38 BPS better than the rate at the end of March and 156 BPS better than as of the second-quarter 2015.

Before income tax expense, holding-company level income increased to $9.3 billion from $7.6 billion in the first quarter and $8.4 billion in the second-quarter 2015.

As of June 30, Chase’s consumer and community banking staff count was at 131,815, rising by 1,890 from employment numbers reported at the end of the first quarter. Headcount was off from 132,302 as of mid-2015.

Across the company, staffing increased to 240,046 at the end of June from 237,420 at the end of March. The latest headcount also was higher than the 237,459 employees tallied as of June 30, 2015.

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