$38.5 billion 1st quarter production
By MortgageDaily.com staff
4/20/2005

In line with several big banking institutions, JPMorgan Chase & Co. reported production was down from the prior quarter. But a drop in correspondent purchases left JPMorgan with a much bigger decline.

Residential mortgage originations for the first quater were $38.5 billion, according to an announcement today, tumbling from the prior quarter's $44.4 billion and barely higher than the same period a year ago.

Bank of America, Citigroup and Wells Fargo all reported residential mortgage production declines from last year's fourth quarter of less than 6%, while JPMorgan's first quarter fundings fell more than 13%.

Volume from retail was $18.3 billion, the New York-based conglomerate reported, while wholesale accounted for $10.7 billion. At $9.5 billion, correspondent business was responsible for most of the production decline -- off from $14.2 billion reported during the fourth quarter 2004.

Home equity loan originations were $11.9 billion, the company said.

JPMorgan said the 30+ day delinquency rate on its $495.8 billion servicing portfolio was 1.15%.

First quarter earnings for the home finance unit were $442 million, the parent of Chase Home Finance reported, while net income for all of JPMorgan was $2.3 billion despite a $558 million litigation charge for the WorldCom settlement.

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