JP Morgan Chase 2014 Annual Report Download - page 89

JPMorgan Chase & Co./2014 Annual Report 87
Selected metrics
As of or for the year ended
December 31,
(in billions, except ratios) 2014 2013 2012
Business metrics
Mortgage origination volume by
channel
Retail $ 29.5 $ 77.0 $ 101.4
Correspondent(a) 48.5 88.5 79.4
Total mortgage origination
volume(b) $ 78.0 $ 165.5 $ 180.8
Mortgage application volume by
channel
Retail $ 55.6 $ 108.0 $ 164.5
Correspondent(a) 63.2 89.2 101.2
Total mortgage application
volume $ 118.8 $ 197.2 $ 265.7
Third-party mortgage loans
serviced (period-end) $ 751.5 $ 815.5 $ 859.4
Third-party mortgage loans
serviced (average) 784.6 837.3 847.0
MSR carrying value (period-end) 7.4 9.6 7.6
Ratio of MSR carrying value
(period-end) to third-party
mortgage loans serviced (period-
end) 0.98% 1.18% 0.88%
Ratio of loan servicing-related
revenue to third-party mortgage
loans serviced (average) 0.36 0.40 0.46
MSR revenue multiple(c) 2.72x 2.95x 1.91x
(a) Includes rural housing loans sourced through correspondents, and
prior to November 2013, through both brokers and correspondents,
which are underwritten and closed with pre-funding loan approval
from the U.S. Department of Agriculture Rural Development, which
acts as the guarantor in the transaction.
(b) Firmwide mortgage origination volume was $83.3 billion, $176.4
billion and $189.9 billion for the years ended December 31, 2014,
2013 and 2012, respectively.
(c) Represents the ratio of MSR carrying value (period-end) to third-
party mortgage loans serviced (period-end) divided by the ratio of
loan servicing-related revenue to third-party mortgage loans serviced
(average).
Real Estate Portfolios
Selected metrics
As of or for the year ended
December 31,
(in millions) 2014 2013 2012
Loans, excluding PCI
Period-end loans owned:
Home equity $ 50,899 $ 57,863 $ 67,385
Prime mortgage, including
option ARMs 66,543 49,463 41,316
Subprime mortgage 5,083 7,104 8,255
Other 477 551 633
Total period-end loans owned $123,002 $114,981 $117,589
Average loans owned:
Home equity $ 54,410 $ 62,369 $ 72,674
Prime mortgage, including
option ARMs 56,104 44,988 42,311
Subprime mortgage 6,257 7,687 8,947
Other 511 588 675
Total average loans owned $117,282 $115,632 $124,607
PCI loans
Period-end loans owned:
Home equity $ 17,095 $ 18,927 $ 20,971
Prime mortgage 10,220 12,038 13,674
Subprime mortgage 3,673 4,175 4,626
Option ARMs 15,708 17,915 20,466
Total period-end loans owned $ 46,696 $ 53,055 $ 59,737
Average loans owned:
Home equity $ 18,030 $ 19,950 $ 21,840
Prime mortgage 11,257 12,909 14,400
Subprime mortgage 3,921 4,416 4,777
Option ARMs 16,794 19,236 21,545
Total average loans owned $ 50,002 $ 56,511 $ 62,562
Total Real Estate Portfolios
Period-end loans owned:
Home equity $ 67,994 $ 76,790 $ 88,356
Prime mortgage, including
option ARMs 92,471 79,416 75,456
Subprime mortgage 8,756 11,279 12,881
Other 477 551 633
Total period-end loans owned $169,698 $168,036 $177,326
Average loans owned:
Home equity $ 72,440 $ 82,319 $ 94,514
Prime mortgage, including
option ARMs 84,155 77,133 78,256
Subprime mortgage 10,178 12,103 13,724
Other 511 588 675
Total average loans owned $167,284 $172,143 $187,169
Average assets $164,387 $163,898 $175,712
Home equity origination volume 3,102 2,124 1,420