Home lending and mortgage earnings both moved lower at JPMorgan Chase & Co. Also declining was residential loan delinquency.
Prior to income taxes, the New York-based financial institution generated an $8.3 billion profit during the first-three months of this year.
Those details, along with other operational and financial results, were included in the financial institution’s first-quarter 2017 earnings report.
Earnings slipped from $8.7 billion in the previous quarter but improved from $7.6 billion in the same three-month period last year.
Mortgage fees and related income fell to $406 million from $510 million in the fourth-quarter 2016 and $667 million in the first-quarter 2016.
During the three months ended March 31, 2017, firm-wide mortgage originations totaled $25.6 billion, Business tumbled from $33.5 billion the previous quarter but inched up from $24.4 billion in the same quarter last year.
Within just the consumer and community banking division, first-quarter 2017
retail originations were $9.0 billion, and correspondent acquisitions were $13.4 billion.
The total mortgage servicing portfolio was reduced to $836.3 billion from $846.6 billion as of Dec. 31, 2016, and $898.7 billion as of March 31, 2016.
Third-party servicing accounted for $582.6 billion of the latest total. The ratio of mortgage servicing rights’ carrying value to third-party servicing was 1.05 percent, up from 1.03 percent in the fourth-quarter 2016.
Residential assets were $233.348 billion as of March 31, 2017, up from $231.492 billion three months earlier and $229.040 billion on e year earlier. Last month’s total consisted of $185.114 billion in mortgages and $48.234 billion in home-equity loans.
Thirty-day mortgage delinquency tumbled to 1.08 percent from 1.23 percent as of year-end 2016 and 1.41 percent as of March 31, 2016.
The rate excluded government mortgages and purchase credit-impaired loans.
The 30-day rate on the PCI mortgage portfolio
was cut to 9.11 percent from 9.82 percent.
Within its community banking segment, staffing was bumped up to 133,590 as of the the end of the first-quarter 2017 from 132,802 the prior quarter and 129,925 a year prior.
Last month finished with 246,345 company-wide employees on Chase’s payroll. Headcount grew from 243,355 people at the end of last year and 237,420 employees at the same point last year.
Branch count concluded March 2017 at 5,246, 12 fewer locations than at the end of last year.
