Business Falls at Chase

$44.4 billion 4th quarter production
By MortgageDaily.com staff
1/19/2005

Declining conforming production tugged down yearly volume for the mortgage arm of JPMorgan Chase & Co., but home equity fundings painted another picture.

Chase Home Finance originated $44.4 billion in residential loans during the fourth quarter, about 8% below the previous quarter, according to the parent company's financial supplement.

Full-year 2004 volume of $187.0 billion reportedly plunged from the previous year's $284.2 billion.

Prime fundings during the fourth quarter edged down to $32.4 billion from the prior quarter, according to the report, and at $12.0 billion, home equity volume was also off. But annual home equity fundings of $42.4 billion soared from the previous year's $24.7 billion.

Retail originations accounted for 42% of the fourth quarter's volume, JPMorgan said, while wholesale loans aggregated 26%. The remaining loans came from correspondent negotiated transactions.

The total of loans serviced at the year's end was reported $562 billion, which marks an annual 20% growth rate. Delinquency declined 54 basis points, with 30-day accounts reported at 1.27%.

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