JPMorgan Sees Strong Mortgage Volume in 4th Quarter
JPMorgan Chase's mortgage business has remained strong this quarter, outgoing chief financial officer Doug Braunstein said Tuesday.
In mortgage banking, "we look like we will have at least as good, maybe better, volumes for the fourth quarter," Braunstein said during a presentation at the Goldman Sachs Financial Services Conference in New York.
A wave of refinances this year is helping to drive a mortgage boom across the industry, but Braunstein warned that low margins will offset some of that benefit.
"It is going to be higher than historical average margins, but it is under pressure. When you add the plus and the minuses together, you would expect to see less pretax profit in the production side of mortgage for the fourth quarter of this year," he said.
Last month, JPMorgan Chase said that Braunstein will relinquish his post and become a vice chairman by the end of the year. He will be replaced as chief financial officer by longtime bank executive Marianne Lake.