(Reuters) - JPMorgan Chase & Co’s (JPM.N) mortgage servicing and default expenses should fall each quarter but won’t return to more normalized levels until 2014 or perhaps 2015, the bank’s co-chief operating officer said on Thursday.
The largest U.S. bank by assets will complete technology upgrades next year, but it will take longer for foreclosures to work through the system, Frank Bisignano, who also runs mortgage banking, said at an investor conference.
JPMorgan expects quarterly servicing and default expense to fall from $1.1 billion in the third quarter to $300 million to $350 million in normalized times, Bisignano said. That is in line with an estimate the bank gave in February.
Reporting by Rick Rothacker in Charlotte, North Carolina; Editing by Gary Hill