General World News

JPMorgan Chase’s mortgage margins narrow in Q1

JPMorgan Chase increased originations by 21% over the fourth quarter of 2020, but compressed margins ate away at the bank’s mortgage profits in the first quarter of 2021.

The New York-headquartered bank originated $39.3 billion in home loans during the first quarter, a big jump from the $32.5 billion originated in the prior quarter. Notably, JPMorgan grew mortgage originations in both its retail division – $23 billion in Q1, up 14% from $20.1 billion in Q4 – and its correspondent channel, which rose to $16.3 billion in Q1 from $12.4 billion in the fourth quarter (31%).

Production revenue from mortgage details ⇒

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