Tag Archives: JPMorgan Chase

Joseph A. Smith, the monitor overseeing fulfillment efforts put forward by each servicer involved in the National Mortgage Settlement, has issued a report on their progress satisfying consumer relief obligations outlined in the agreement. Smith's report covers servicer activities through December 31, 2012, which have been vetted and verified by the Office of Mortgage Settlement Oversight. Each servicer's internal review group provided Smith with information on the servicers' crediting progress in February of this year.

The dollar volume of homes donated or sold at a discount through JPMorgan Chase's Community Revitalization Program has crossed the $250 million mark, the bank announced Thursday.

Wells Fargo and JPMorgan Chase both released their earnings summaries for the third quarter on Friday, revealing the full toll that legal expenses have taken on the latter's profits.

JPMorgan Chase will soon welcome Dana Deasy as its new CIO. He brings more than 27 years of experience to his new role.

After releasing a mortgage origination forecast of $349 billion for the third quarter earlier this week, FBR Capital Markets revised its estimate to between $400 billion and $420 billion for the quarter Wednesday. FBR anticipates a rise in refinances under the Home Affordable Refinance Program (HARP) as small specialty servicing shops are "still playing catch-up" from the recent boom. Meanwhile, larger players are relinquishing some of their market share, according to analysts at the investment bank.

The mortgage servicing industry's efforts to adhere to nationwide reforms hasn't gone unnoticed by consumers, according to J.D. Power's 2013 U.S. Primary Mortgage Servicer Satisfaction Study.

As major lenders start releasing their second-quarter earnings reports, Fitch Ratings anticipates future filings will show the impact of higher interest rates on banks' mortgage earnings.

U.S. District Judge Jed Rakoff went back on a previous decision to dismiss most of Dexia's claims against JPMorgan Chase in a $774 million suit. In reversing his decision, Rakoff noted that he didn't have the jurisdiction to grant a dismissal in the first place, citing an appeals court decision in a similar case involving American International Group (AIG) and Bank of America. Dexia filed suit in January 2012, alleging it was fraudulently convinced to purchase more than $1.6 billion of securities that went bad.

Estimated Q1 originations by all U.S. lenders came out to about $505 billion, according to Mortgage Daily.

Wells Fargo and JPMorgan Chase both pulled in record quarterly profits during the first months of 2013, according to earnings reports released Friday by both banks. Wells Fargo reported record net income of $5.2 billion for Q1 2013, up from $5.1 billion quarter-over-quarter and from $4.2 billion year-over-year. JPMorgan also posted strong performance across its businesses, recording a net income of $6.5 billion (compared with $4.9 billion in the first quarter of 2012).