Third-party mortgage servicing has been reduced 19 quarters in a row at JPMorgan Chase & Co., which now claims to be the biggest bank in spite of cutting branch count 13 consecutive quarters. Employee count has increased each of the past seven quarters, as earnings and residential loan originations were strong.
Chase revealed $9.6 billion in company-wide income before income-tax expense in its third-quarter earnings report, not much different than $9.7 billion the preceding quarter. There was, however, a year-over-year bump, with earnings improving from $8.9 billion in the same-three months last year.
While mortgage fees and related income at the New York-based firm rose to $428 million from $401 million in the three months ended June 30, they were way off from $624 million earned in the third-quarter 2016. Production revenue made up $158 million of first-quarter mortgage income, and servicing revenue accounted for the other $270 million.
Source: Mortgage Daily