JPMorgan Chase & Co., which has recently been expanding its payroll, is eliminating hundreds of positions in its real estate finance business. Improving mortgage performance is behind the layoffs.
In its second-quarter earnings report, the New York-based financial services giant reported 30-day delinquency on its residential loans, excluding purchased credit impaired mortgages, at only 0.86 percent.
Mortgage delinquency has plunged since the foreclosure crisis, with the 30-day rate previously having been reported at 7.73 percent as of the end of 2009. The improvement in performance has been consistent and ongoing.
Source: Mortgage Daily