| Strong 2nd Quarter at Chase
$56.8 billion production July 21, 2004 By MortgageDaily.com staff |
| 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. |
