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J.P. Morgan Chase Sees Lower Loan Servicing Revenue.
NEW YORK -- Net income in the second quarter for the retail financial services unit of J.P. Morgan Chase & Co. here was off by 11% from the previous year as mortgage banking income fell by $131 million and ended up as a loss for the period.
The bank holding company said its retail financial services unit posted net income of $868 million, down $112 million from $980 million in the second quarter 2005.
In mortgage banking, J.P. Morgan Chase lost $7 million in the quarter, compared with net income of $124 million in the prior year.
Net revenue fell to $318 million, down $186 million. Production revenue actually increased by $58 million to $202 million, reflecting higher gain-on-sale margins.
But this was cancelled out by a $244 million decline in net servicing revenue to $116 ...
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Source: HighBeam Research, J.P. Morgan Chase Sees Lower Loan Servicing Revenue.