A decrease in quarterly mortgage production contributed to lower annual originations at Bank of America Corp.
Fourth quarter volume of $20.7 billion slumped from $27.5 billion in the prior three-month period, according to BoA's latest financial supplemental report. The latest total, however, is better than the $18.4 billion in the last quarter of 2004.
Fundings for full-year 2005 of $86.8 billion were barely changed from the previous year, the Charlotte, N.C.-based banker said in the report.
Retail originations reportedly represented 71% of the fourth quarter's production and wholesale loans the rest.
BoA said the size of the mortgage servicing portfolio was $296.8 billion as of year-end 2005.
The banking behemoth announced fourth quarter net income of $17 billion.