JP Morgan Chase 2015 Annual Report Download - page 258

Notes to consolidated financial statements
248 JPMorgan Chase & Co./2015 Annual Report
Residential real estate – excluding PCI loans
Home equity(i) Mortgages
December 31,
(in millions, except ratios)
Senior lien Junior lien
Prime, including option
ARMs(i) Subprime
Total residential real estate
– excluding PCI
2015 2014 2015 2014 2015 2014 2015 2014 2015 2014
Loan delinquency(a)
Current $ 14,278 $ 15,730 $ 30,021 $ 35,575 $ 153,323 $ 93,951 $ 3,140 $ 4,296 $ 200,762 $ 149,552
30–149 days past due 238 275 470 533 3,666 4,091 376 489 4,750 5,388
150 or more days past due 332 362 220 267 5,560 6,879 174 271 6,286 7,779
Total retained loans $ 14,848 $ 16,367 $ 30,711 $ 36,375 $ 162,549 $104,921 $ 3,690 $ 5,056 $ 211,798 $ 162,719
% of 30+ days past due to total
retained loans(b) 3.84% 3.89% 2.25% 2.20% 0.71% 1.42% 14.91% 15.03% 1.40% 2.27%
90 or more days past due and
government guaranteed(c) ————6,056 7,544 ——6,056 7,544
Nonaccrual loans 867 938 1,324 1,590 1,752 2,190 751 1,036 4,694 5,754
Current estimated LTV ratios(d)(e)(f)(g)
Greater than 125% and refreshed
FICO scores:
Equal to or greater than 660 $42$37$ 123 $ 252 $56$97$2$4$ 223 $ 390
Less than 660 3629 65 65 72 12 28 109 171
101% to 125% and refreshed FICO
scores:
Equal to or greater than 660 50 83 1,294 2,105 249 478 25 76 1,618 2,742
Less than 660 23 40 411 651 190 282 101 207 725 1,180
80% to 100% and refreshed FICO
scores:
Equal to or greater than 660 311 466 4,226 5,849 3,013 2,686 146 382 7,696 9,383
Less than 660 142 206 1,267 1,647 597 838 399 703 2,405 3,394
Less than 80% and refreshed FICO
scores:
Equal to or greater than 660 11,721 12,588 17,927 19,435 140,942 82,350 1,299 1,624 171,889 115,997
Less than 660 1,942 2,184 2,992 3,326 5,280 4,872 1,517 1,795 11,731 12,177
No FICO/LTV available 614 757 2,442 3,045 1,469 1,136 189 237 4,714 5,175
U.S. government-guaranteed ————10,688 12,110 ——10,688 12,110
Total retained loans $ 14,848 $ 16,367 $ 30,711 $ 36,375 $ 162,549 $104,921 $ 3,690 $ 5,056 $ 211,798 $ 162,719
Geographic region
California $ 2,072 $ 2,232 $ 6,873 $ 8,144 $ 46,745 $ 28,133 $ 518 $ 718 $ 56,208 $ 39,227
New York 2,583 2,805 6,564 7,685 20,941 16,550 521 677 30,609 27,717
Illinois 1,189 1,306 2,231 2,605 11,379 6,654 145 207 14,944 10,772
Texas 1,581 1,845 951 1,087 8,986 4,935 142 177 11,660 8,044
Florida 797 861 1,612 1,923 6,763 5,106 414 632 9,586 8,522
New Jersey 647 654 1,943 2,233 5,395 3,361 172 227 8,157 6,475
Washington 442 506 1,009 1,216 4,097 2,410 79 109 5,627 4,241
Arizona 815 927 1,328 1,595 3,081 1,805 74 112 5,298 4,439
Michigan 650 736 700 848 1,866 1,203 79 121 3,295 2,908
Ohio 1,014 1,150 638 778 1,166 615 81 112 2,899 2,655
All other(h) 3,058 3,345 6,862 8,261 52,130 34,149 1,465 1,964 63,515 47,719
Total retained loans $ 14,848 $ 16,367 $ 30,711 $ 36,375 $ 162,549 $104,921 $ 3,690 $ 5,056 $ 211,798 $ 162,719
(a) Individual delinquency classifications include mortgage loans insured by U.S. government agencies as follows: current included $2.6 billion and $2.6 billion; 30–149 days past
due included $3.2 billion and $3.5 billion; and 150 or more days past due included $4.9 billion and $6.0 billion at December 31, 2015 and 2014, respectively.
(b) At December 31, 2015 and 2014, Prime, including option ARMs loans excluded mortgage loans insured by U.S. government agencies of $8.1 billion and $9.5 billion,
respectively. These amounts have been excluded from nonaccrual loans based upon the government guarantee.
(c) These balances, which are 90 days or more past due, were excluded from nonaccrual loans as the loans are guaranteed by U.S government agencies. Typically the principal
balance of the loans is insured and interest is guaranteed at a specified reimbursement rate subject to meeting agreed-upon servicing guidelines. At December 31, 2015 and
2014, these balances included $3.4 billion and $4.2 billion, respectively, of loans that are no longer accruing interest based on the agreed-upon servicing guidelines. For the
remaining balance, interest is being accrued at the guaranteed reimbursement rate. There were no loans not guaranteed by U.S. government agencies that are 90 or more days
past due and still accruing at December 31, 2015 and 2014.
(d) Represents the aggregate unpaid principal balance of loans divided by the estimated current property value. Current property values are estimated, at a minimum, quarterly,
based on home valuation models using nationally recognized home price index valuation estimates incorporating actual data to the extent available and forecasted data where
actual data is not available. These property values do not represent actual appraised loan level collateral values; as such, the resulting ratios are necessarily imprecise and
should be viewed as estimates. Effective December 31, 2015, the current estimated LTV ratios reflect updates to the nationally recognized home price index valuation estimates
incorporated into the Firm’s home valuation models. The prior period ratios have been revised to conform with these updates in the home price index.
(e) Junior lien represents combined LTV, which considers all available lien positions, as well as unused lines, related to the property. All other products are presented without
consideration of subordinate liens on the property.
(f) Refreshed FICO scores represent each borrower’s most recent credit score, which is obtained by the Firm on at least a quarterly basis.
(g) The current period current estimated LTV ratios disclosures have been updated to reflect where either the FICO score or estimated property value is unavailable. The prior
period amounts have been revised to conform with the current presentation.
(h) At December 31, 2015 and 2014, included mortgage loans insured by U.S. government agencies of $10.7 billion and $12.1 billion, respectively.
(i) Includes residential real estate loans to private banking clients in AM, for which the primary credit quality indicators are the borrower’s financial position and LTV.