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Tag Archives: JPMorgan Chase

Bank Claims $2.2 Billion in Consumer Relief Toward Settlement Requirement

JPMorgan Chase reported that it has provided more than half of the consumer relief required in just one year as part of a settlement with the government last year, according to a report released Tuesday. The internal review group for the New York-based megabank asserted in the third Chase Consumer Relief Update, compiled by Monitor Joseph A. Smith, Jr., that Chase has earned $2.2 billion in consumer relief credit from the period of October 1, 2013, to September 30, 2014.

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Wells Fargo, JPMorgan Chase Profits Turn Upward in Q3

Mortgage banking net income was $439 million, down $266 million from a year ago and $270 million from the prior quarter. Much of the year-over-year decline stemmed from a reduced benefit from credit loss provisions—$19 million compared to last year's $1 billion.

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Industry Job Cuts Continue in Q2

Despite growth in mortgage revenues at banks nationwide, industry employment continued to move down in the second quarter as banks cut staff, according to a report from Mortgage Daily. All of the reported cuts in the second quarter happened at banks, which lost approximately 28,600 jobs from the first quarter to the second.

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JPMorgan Chase Sued for Discriminatory Lending Practices

Foreclosures continue to be a national problem, and one metro's City Attorney thinks a large chunk of the problem came from discrimination. Los Angeles City Attorney Mike Feuer is suing one of the nation's largest banks, JPMorgan Chase, alleging the bank engaged in discriminatory lending.

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5 of 6 Banks Meet Mortgage Settlement Expectations

More than two years after the announcement of an historic settlement between 49 state attorneys general and some of the country's largest servicers, most are living up to compliance standards, a new report shows. According to examination results released by the Office of Mortgage Settlement Oversight, five of the six banks met or exceeded expectations across 29 different compliance metrics in the third and fourth quarters of 2013.

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Advances Rise Due to Secured Loans to JPMorgan, Wells Fargo

2015 HUD

After a steep plunge in the amount of housing finance aid given to banks, federal money poured into the country’s largest lenders in 2012 and 2013, as liquidity at the banks found stable ground, according to a report released Wednesday by the Federal Housing Finance Agency.

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Wells Fargo, JPMorgan Report Shrinking Mortgage Activity

Two quarterly earnings reports revealed very different results for two major players in the mortgage industry. Wells Fargo and JPMorgan Chase both felt the sting of a shrinking mortgage market, but one bank revealed substantial growth. Wells Fargo reported a record net income of $5.9 billion for the first quarter, an increase of 14 percent from the year-ago quarter and 5 percent from Q4 2013.

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Chase Boosts Customer Loyalty With Mortgage Rewards

Chase's Mortgage Cash Back rewards program allows customers who have both their mortgage and personal checking account with Chase to earn up to $500 annually. Since the program began four years ago, Chase has paid out $87 million to more than 368,000 homeowners. This December, Chase will be distributing $4 million in Cash Back rewards to customers, just in time for the holidays.

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