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BoA Originations Off, Earnings Tumble

$44.1 billion Q4 fundings

January 22, 2008

By MortgageDaily.com staff

Bank of America Corp. mortgage production drifted lower, though earnings tumbled.

Fourth quarter home lending volume was $44.1 billion, according to the Charlotte, N.C.-based company's earnings data released today. Originations fell from $48.0 billion during the prior quarter and $45.6 billion in the fourth quarter 2006.

Full-year fundings were $188.6 billion, climbing from $168.5 billion in 2006, the press release indicated.

Residential mortgages accounted for $24.8 billion of the latest figures, off from the third quarter's $26.9 billion, the report said. Home equity loan fundings were $19.3 billion, down from $21.1 billion.

BoA said its residential servicing portfolio ended the latest period at $399.0 billion, including $259.0 billion in loans serviced for investors. Residential mortgage outstanding were $274.9 billion on Dec. 31, while home equity loans outstanding were $114.8 billion.

Nonperforming residential mortgages were $2.0 billion at yearend and nonperforming HELs were $1.3 billion, the data indicated. Fourth quarter residential charge-offs were 0.04 percent -- double the level in the prior quarter, and HEL charge-offs were 0.63 percent -- more than triple the third quarter's level.

Net income during the fourth quarter was $0.3 billion, tumbling from $3.7 billion the prior quarter and $5.3 billion a year earlier. The decline was driven by $5.4 billion in trading account losses, including $4.5 billion in collateralized debt obligation writedowns, and a $1.33 billion increase in credit loss reserves.

"Our fourth quarter results were severely impacted by ongoing dislocations in capital markets and the slowing economy," Chairman and Chief Executive Officer Kenneth D. Lewis said in the statement.

BoA reported 209,718 full-time employees at yearend.

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