Volume fell for the second consecutive quarter at Bank of America Corp.
Residential production totaled $35.9 billion for the first quarter, sliding from the prior quarter's $40.3 billion but above the $32.5 billion in the year-ago first quarter, according to BoA's supplemental information report today.
The majority -- $18.6 billion -- of the latest volume reportedly consisted of home equity originations, which the company had not reported prior to its acquisition of MBNA. First quarter HEL fundings decreased about $1.1 billion on a linked-quarter basis.
At the first quarter's end, the mortgage servicing portfolio totaled $302.4 billion, the Charlotte, N.C.-based lender said.
BoA reported net income for the period rose from the prior quarter to nearly $5 billion.