Big banks report growing originations

by Diana Aqra15 Jul 2013
Two major lenders have reported increased origination figures for the second quarter.
 
Both Wells Fargo and JPMorgan Chase’s residential mortgage originations were up during the second quarter, according to earnings released Friday. 
 
Wells Fargo reported $112bn in residential mortgage originations for the quarter ending June 30, 2013,  up 3% from last quarter, while JPMorgan Chase reported $49bn in originations, up 12%, according to Friday’s earnings reports. 
 
Wells, the US’ top residential lender originated through two channels;  retail, which produced $62bn, and correspondent, which generated $50bn.  Wells’ originations year-to-date were down 15%, however. It produced $221bn in mortgages during the first six months of 2013 versus $260bn for the first six months of 2012.
 
Only $17.4bn of JPMorgan’s $49bn residential originations was made up of purchases, its report said.  
 
Overall, the two banks reported higher and positive net incomes for the quarter. Wells reported a positive $5.5bn net income for the quarter, up from $4.6bn one year ago in 2Q2012 and up from $5.2bn one quarter ago. While JPMorgan reported $6.5bn in net income, compared to $5bn from one year ago. 

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