EDISON, N.J. - Chase Home Finance, the mortgage unit of Chase Manhattan Corp., earned $74 million in the second quarter, the same as a year earlier.
Revenues from mortgage originations and sales fell 53%, to $41 million, because of rising interest rates. But higher rates also discouraged homeowners from paying their loans off early, which helped Chase's huge servicing business. Mortgage servicing fees jumped 70%, to $131 million. Total revenues grew 8%, to $318 million.