Profits Fall in JPMorgan Mortgage Ops

The mortgage banking operations of JPMorgan Chase & Co., New York, recorded net income of $34 million in the fourth quarter, down from $63 million a year earlier, while profits rose for the company as a whole, JPMorgan has reported.Mortgage production revenue totaled $215 million, up $81 million from that of a year earlier and reflecting increased loan sales and wider gain-on-sale margins that "benefited from a shift in the sales mix," the company said. Mortgage originations totaled $31.0 billion, which was off 3% from the level recorded in the fourth quarter of 2005. Net mortgage servicing revenue totaled $195 million, which was down significantly from $290 million a year earlier. The entire company reported net income of $4.5 billion ($1.26 per share) for the fourth quarter, up from $2.7 billion ($0.76 per share) a year earlier The company can be found online at http://www.jpmorganchase.com.