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Origination News | Lender Ranking | Fundings by Lender | Statistics
Quarterly residential mortgage production by lender. Subprime, Alt-A, home equity and conforming originations. Volume by quarter since 2003.

BoA Hiring as Production Soars

$89.3 billion Q1 fundings

April 20, 2009

By staff

Quarterly residential originations nearly doubled at Bank of America Corp., which said it is hiring thousands of employees to handle the increase in its mortgage business. Quarterly earnings, meanwhile, jumped $6 billion.

First quarter originations were 382,000 loans for $89.3 billion -- soaring from $$49.9 billion in the fourth quarter, earnings data released today indicated. During the first-quarter 2008 -- before the July 1, 2008, acquisition of Countrywide Financial Corp. -- production was just $38.6 billion.

Included in the latest originations were $4.0 billion in home-equity fundings, falling from $5.3 billion in the fourth quarter and tumbling from $16.6 billion in the first-quarter 2008.

The period-end mortgage servicing portfolio increased to $2,112.8 billion from $2,057.3 billion three months earlier and $529.7 billion 12 months earlier.

The Charlotte, N.C.-based company said it owned $261.6 billion in residential mortgages at the end of the first quarter, higher than $248.1 billion three months earlier. Home-equity assets were $157.6 billion, up from $152.5 billion, and discontinued consumer real estate loans were $19.0 billion.

Modifications were completed on 119,000 home loans during the quarter. BoA noted it has 6,400 people on staff to handle loan modifications.

Nonperforming mortgages -- including residential mortgages, home-equity loans and discontinued real estate -- were $14.6 billion at the end of the first quarter, jumping from $9.8 billion at the end of the prior period and $4.4 billion 12 months earlier.

Commercial mortgages owned as of March 31 were $75.3 billion, climbing from $64.7 billion on Dec. 31, 2008.

Nonperforming commercial mortgages were $5.7 billion, increasing from $3.9 billion on Dec. 31, 2008, and $1.6 billion on March, 31, 2008.

Total consolidated mortgage banking income was $3.3 billion in the latest period, better than $1.5 billion during the fourth-quarter-2008 and $0.5 billion in first-quarter 2008.

First-quarter earnings across the entire financial conglomerate were $4.2 billion, reversing a fourth-quarter loss of $1.8 billion and jumping from a $1.2 billion profit a year earlier. Earnings excluded $0.4 billion in preferred dividend payments to the U.S. government.

BoA employed 284,802 people on March 31 -- jumping from 240,202 on Dec. 31, 2008, and reflecting the Jan. 1 acquisition of Merrill Lynch & Co. Inc. On March 31, 2008, before Countrywide was acquired, the number of full-time employees was 209,096.

The institution said it is adding 5,000 "fulfillment" positions to meet rising refinancing and first mortgage application volume.

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