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.
JPMorgan 3Q profit down 3.5%, revenue rises slightly
Most Popular Articles
Latest Articles
Major homebuilder objects to proposed NAR settlement
PulteGroup, one of the largest U.S. homebuilders, says it requires more information before deciding to remain in the class.
-
How AI will transform the mortgage and appraisal industries
-
First Federal Bank to acquire Watson Mortgage Corp.
-
Elevated mortgage rates, home prices harm affordability: Redfin
-
FHFA annual report highlights GSE actions on affordable housing
-
G-Rate sued for gender discrimination, sexual harassment, unpaid comp