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by CareyBot

JP Morgan Chase & Co. said the ability to fund jumbo loans helped its consumer banking division originate $39.2 billion in mortgages during the third quarter, a 35 percent increase from a year ago. Many lenders who originate loans for sale in the secondary market have had to scale back production of jumbo loans, which exceed the $417,000 conforming loan limit. Many secondary market investors are staying away from loans not eligible for repurchase or guarantee by Fannie Mae and Freddie Mac, or demanding higher returns. In a press release, Chase said it's been able to continue funding jumbo loans because it can tap into JP Morgan Chase's $1.5 trillion in assets and $120 billion in stockholder equity. The company said it has increased its mortgage sales force to more than 5,000 workers,...