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Home Equity Deteriorates at JPMorgan Chase.
NEW YORK -- JPMorgan Chase reported net earnings-per-share growth of 21% on a year-over-year basis, but weakening housing markets sparked the company to re-evaluate its home-equity lending practices.
The company said it added to the reserve for its home-equity portfolio during the second quarter, anticipating continued weakness in the housing finance sector. The company also tightened underwriting, particularly as it pertains to third-party originations.
But at the same time, JPM saw improved mortgage banking performance during a period in which many mortgage lenders reported weaker results. Both loan production and loan servicing generated higher revenue than they did a year earlier.
That contributed to a 39% increase in non-interest revenue from JPM's retail financial services unit.
A change in accounting also meant that some loan origination costs, previously netted against revenue, were reclassified during the quarter, benefiting the non-interest revenue component of JPM's results.
But the banking and financial services giant also dramatically increased its provision for credit losses, adding $587 million to the retail financial services reserve in the second quarter. During the second quarter of last year, the provision was just $100 million.
The second-quarter reserve includes $329 million of allowance for home-equity loan losses.
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Source: HighBeam Research, Home Equity Deteriorates at JPMorgan Chase.