JPMorgan Chase Mortgage Volume Increases

NEW YORK (Associated Press) - Amid a weakening housing market, JPMorgan Chase Co. said Wednesday its third-quarter mortgage and home equity origination volume increased 35 percent. JPMorgan Chase originated $39.2 billion in mortgages and home equity products during the quarter ending Sept. 30. JPMorgan Chase attributed the increase in mortgage origination volume to its ability to rely on in-house cash to fund loans.

Typically mortgage lenders pool mortgages together and sell them to investors in the secondary markets to replenish their cash to make more loans. As a large, diversified financial services firm, JPMorgan Chase does not have to rely on the secondary market to obtain new capital. The company said it has particularly ramped up origination of jumbo loans, which are mortgages for more than $417,000.

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