JPMorgan's Mortgage Profits Rise

JPMorgan Chase & Co., New York, has reported net income from its mortgage banking operations of $84 million for the first quarter, up from $39 million a year earlier.The company said mortgage production revenue totaled $400 million in the first quarter, up $181 million from a year earlier, reflecting higher gain-on-sale income and "the reclassification of certain loan origination costs to expense (previously netted against revenue) due to the adoption of" Statement of Financial Accounting Standards 159. Mortgage originations totaled $34.1 billion, up 21% from those of a year earlier and 10% from those of the previous quarter. Overall, JPMorgan reported record net income of $4.8 billion ($1.34 per share) for the first quarter, up from $3.1 billion ($0.86 per share) a year earlier. The company can be found online at http://www.jpmorganchase.com.