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JPMorgan Chase originated $46.1 billion worth of mortgages from July to September, up 5% from the previous quarter and up 43% year-over-year, the bank announced on Wednesday.
Jeremy Barnum, chief financial officer at Chase, said during the company’s third quarter earnings call that the increase reflects “record purchase volume and share gains in the refi market.”
Year over year, home lending at the bank rose 27.3%. Mortgage fee and related income came in at $596 million, up from the $548 million JPMorgan Chase generated in the second quarter. In the second quarter of 2020, at the height of the mortgage boom, JPMorgan Chase reported $1 billion in revenue.
The depository bank’s third quarter report also revealed an increase in its gain-on-sale margin, which rose 17 basis points from the previous quarter to 148 bps.
This is perhaps the most notable development since the second quarter of 2021 saw key players in the mortgage banking space such as loanDepot, United Wholesale Mortgage, and Better.com, report declines in their GOS margin- a sign that the refi wave was likely nearing its end.
The post JPMorgan Chase reports jump in mortgage profits in Q3 appeared first on HousingWire.
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