JPMorgan Chase reaped a net income of $461 million in first-quarter income from mortgage production and servicing, a slight change of pace from $1.1 billion seen in net losses last year.
[IMAGE]The bank said that the results came off 33 percent in application volume from the first quarter.
Except for repurchase losses, revenue stemming from mortgage production climbed to $1.6 billion, up 80 percent from the previous year.
Chase cited ""a favorable refinancing environment"" facilitated by modifications to the Home Affordable Refinance Program, with production expense standing at $573 million, an increase of $149 million.
Repurchase losses hovered at $302 million, a carry-over from $420 million in repurchase losses seen over the last year.
Revenue from mortgage servicing went down on the whole by 5 percent, arriving at $1.2 billion over the first quarter, as third-party loans went under.
Servicing expense fell by 13 percent to crest at $1.2 billion for the same quarter.
Jamie Dimon, chairman and CEO of Chase, said in a statement that the financial institution expects to ""see elevated levels of costs and losses associated with mortgage-related issues for a while longer.""
On the whole, the bank reported first-quarter net income of $5.4 billion, down from $5.6 billion year-over-year.