Company-wide quarterly earnings soared at JPMorgan Chase & Co., while mortgage income jumped on soaring servicing revenue. Loan originations sank, and servicing dropped.
In its first-quarter earnings report, Chase indicated that income before income tax expense was $11 billion during the first-three months of this year.
Earnings at the New York-based financial institution jumped from the $8 billion that was earned both in the prior period and in the same three-month period last year.
Source: Mortgage Daily