Although quarter-over-quarter home lending rose at JPMorgan Chase & Co., mortgage revenues retreated. The opposite was true on a year-over-year basis.
Consolidated earnings before income tax expense at Chase came to $8.9 billion
during the three-month period that came to a close on Sept. 30 of this year.
That was
according to the third-quarter 2016 earnings report that was released on Friday by the New York-based financial services organization.
Earnings dropped from $9.3 billion during the prior quarter but jumped compared to the $6.7 billion earned in the year-prior period.
Mortgage-banking revenue was trimmed to $1.874 billion from $1.921 billion but significantly improved from $1.555 billion in the third quarter of last year.
Residential loan originations were $27.1 billion in the third-quarter 2016. Business picked up from $25.0 billion in the prior three-month period but came up short compared to the $29.9 billion in the same quarter last year.
For all nine months that have elapsed so far this year, volume came to $74.5 billion.
The latest quarter’s originations included
$11.7 billion in retail production and $15.4 billion in correspondent acquisitions.
There were $863.3 billion in total mortgages serviced by Chase as of Sept. 30. The servicing portfolio was reduced from $880.3 billion as of the midpoint of 2016 and $929.0 billion at the same point in 2015.
Third-party servicing accounted for $609.2 billion of last month’s total.
Chase owned $234.009 billion in residential assets. Its residential holdings
were increased from $233.239 billion at the end of June and $214.579 billion at the same point in 2015.
Residential loans accounted for $181.564 billion of the Sept. 30, 2016, total, and home-equity loans made up the other $52.445 billion.
Excluding government-guaranteed and purchased-credit-impaired loans, 30-day mortgage delinquency improved to 1.27 percent at the end of last month from 1.33 percent three months earlier and 1.74 percent one year earlier.
On the PCI mortgage portfolio, delinquency improved to 10.01 percent from 10.09 percent in the second quarter and 11.29 percent in the third-quarter 2015.
Chase closed out the latest quarter with 242,315 employees on its payroll. Headcount grew from 240,046 as of June 30, 2016, and 235,678 as of Sept. 30, 2015.
Community banking employees numbered 132,092, more than the 131,815 at the end of June and 128,601 as of the same date last year.
Branch count finished last month at 5,310, cut by 56 branches three months earlier.
