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Tag Archives: JPMorgan Chase

Chase Claims $2.2B Toward Consumer Relief Requirement

The internal review group for the New York-based megabank asserted in the third Chase Consumer Relief Update, compiled by monitor Joseph A. Smith Jr., that Chase has earned $2.2 billion in consumer relief credit from the period of October 1, 2013, to September 30, 2014.

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Lenders Bring Up Origination Volumes in Q3

Mortgage lenders originated an estimated $320 billion in loans throughout Q3, according to information collected by Mortgage Daily. While up nearly 8 percent from the second quarter's total of about $300 billion, third-quarter volumes fell short of year-ago levels by 31 percent.

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Profits Rise at Wells Fargo, JPMorgan Chase

Third-quarter profits improved annually at two of the nation's biggest megabanks, though mortgage banking results were mixed. For the latest completed quarter, JPMorgan Chase reported net income of $5.6 billion compared to a loss of $380 million a year ago. On the other side of the country, Wells Fargo posted profits of $5.7 billion for the quarter, up from $5.6 billion in Q3 2013 and flat from Q2 2014.

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RMBS Class Action to Proceed Against JPMorgan Chase

A ruling issued by a federal judge this week clears the way for investors to proceed with a class-action suit against JPMorgan Chase, meaning that all the investors can be represented by a lead plaintiff in the case. Investors are accusing the bank of misleading them by making false statements regarding the RMBS when the securities were packaged and sold to the investors in 2007, a year before the subprime lending crisis.

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Chase Claims $868M in Consumer Relief Credit

JPMorgan Chase reports it has completed nearly a quarter of its consumer relief obligations required under a landmark mortgage-backed securities (MBS) settlement last year. According to a report issued Wednesday by the settlement's monitor, Joseph Smith Jr., the megabank expects to be credited for more than $862 million it provided through various borrower relief measures in the second quarter.

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Mortgage Industry Continues to Lose Jobs

Just less than 19,000 tracked mortgage jobs were cut in April, May, and June, according to Mortgage Daily, with more than 20,000 job losses offsetting about 1,600 gains. The net loss is a major jump from the 8,100 reported losses in the first quarter and the nearly 3,000 reported a year ago. All of the reported cuts in the second quarter happened at banks, with credit unions and other non-banks adding jobs.

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Firms Boost Originations, Shrink Servicing in Q2

Based on data collected from April through June, Mortgage Daily reported a 24 percent quarterly increase in mortgage originations to an estimated $296 billion among all lenders as of June 30. Production still fell short 51 percent on an annual basis as consumer demand for mortgages remained anemic and credit standards stayed tight.

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Q2 Wrap-Up: Mortgage Earnings Lift Off Low Base

With the second-quarter earnings season mostly done, financial services firm Keefe, Bruyette & Woods (KBW) reports that mortgage bankers tracked in its coverage saw a 22 percent increase in volumes from the first quarter to the second. "We view the mortgage results for the banks that have already reported 2Q earnings as largely in line with expectations," KBW commented.

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House Oversight Chair Demands Docs on Citi, JPMorgan Settlements

The ongoing tension between the Justice Department and the House Oversight Committee saw a new development this week as Rep. Darrell Issa (R-California), committee chair and vocal critic of Attorney General Eric Holder, requested the department turn over all of its documents related to its recent securities settlements with JPMorgan Chase and Citigroup.

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