Chase Top Subprime Lender in First Half

Chase Home Finance, the residential arm of JPM Morgan Chase, dominated what's left of the subprime industry in the first half, funding just over $1 billion in new loans, giving it a production market share of 23.42%. According to survey figures compiled by National Mortgage News and the Quarterly Data Report, CIT Group Consumer Finance, Livingston, N.J., ranked a distant second with $652 million. CIT, though, has since exited the business. HSBC Consumer Lending, the subprime retail arm of HSBC Holdings, ranked third with $550 million. HSBC's volume, however, is an estimate. The company no longer supplies any information on subprime production being done by its retail division which includes the old Household Finance storefront network. NMN/QDR collected subprime origination figures from just 13 firms. Five of those involve estimates made by the newspaper. Very few firms continue to originate subprime mortgages through loan brokers. Lenders funded just $3.7 billion in subprime during the first half, a 92% decline from the same period last year.