FHFA announces 2016 conforming loan limits

FHFA announces 2016 conforming loan limits

Much of U.S. left unchanged; limits increase in 39 ‘high-cost’ counties

Game changer? Quicken Loans takes mortgage lending fully digital

Launches Rocket Mortgage

Google launches mortgage comparison tool with Zillow

LendingTree will also bring mortgages to Google

JPMorgan 3Q profit down 3.5%, revenue rises slightly

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JPMorgan Chase & Co.'s (JPM) third-quarter profit fell 3.5% to $4.26 billion, or $1.02 a share, on revenue of $24.37 billion, while recording higher net income from its mortgage production and servicing segment. The banking giant earned $4.42 billion, or $1.01 a share, on revenue of $23.4 billion a year earlier. The company's mortgage production and servicing segment reported income of $205 million for the quarter, up significantly from $25 million last year. Excluding losses on the repurchase of loans, the company's production revenue hit $1.3 billion, down 10% from a year earlier, but up 35% from the previous quarter. Production expenses hit $497 million, up $63 million, or 15%, due to a move to higher-cost retail origination through the company's branch network and direct to consumer business. Meanwhile, repurchase losses on mortgages hit $314 million in the quarter, significantly improved from last year when repurchase losses hit $1.5 billion. On the mortgage servicing side, JPMorgan Chase recorded a pretax loss of $153 million, narrower than $494 million a year earlier. Servicing revenue declined 10% from last year, hitting $1.2 billion. The company attributes this decline to a drop in the number of third-party loans serviced. Write to Kerri Panchuk.

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