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JPMorgan and Wells Fargo report lower mortgage revenue in Q3
JPMorgan’s home lending origination volume totaled $16 billion in Q3, down 7% from the prior quarter, though up 15% year over year.
HousingWire reports that both JPMorgan Chase and Wells Fargo posted higher third-quarter net income year over year, but mortgage revenue fell at both banks after a strong second quarter.
JPMorgan’s Home Lending origination volume totaled $16 billion in the third quarter, down 7% quarter over quarter but up 15% year over year. Retail originations fell 18% quarter over quarter to $8.7 billion, while correspondent originations rose 11% to $7.3 billion.
HousingWire adds that JPMorgan’s third-party mortgage servicing portfolio was $651.9 billion at quarter end, essentially unchanged from $652.8 billion in the prior quarter and down about 2% from $663.6 billion a year earlier. JPMorgan’s Home Lending net revenue fell 3% year over year to about $1.2 billion, with lower production revenue partially offset by higher net interest income.