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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 Originations Jump

$114.3 billion Q2 fundings

July 17, 2009

By staff

Residential mortgage production leapt by more than a quarter at Bank of America Corp.

Second-quarter residential originations shot up to $114.3 billion from $89.3 billion during the prior period, according to earnings data reported today. In the second-quarter 2008 -- prior to the acquisition of Countrywide Financial Corp. -- volume was $33.9 billion.

Countrywide reported second-quarter 2008 originations of $59.0 billion -- indicating that BoA improved combined year-over-year performance by $21.4 billion. Still, the merged organization is nowhere near the $146.0 billion originated by Countrywide during the third-quarter 2005 (BoA funded $27.5 billion during that same quarter).

The latest activity included $3.7 billion in home-equity loan fundings, down from the first quarter's $4.0 billion and $11.5 billion a year earlier. Nearly 500,000 first mortgages were funded.

The Charlotte, N.C.-based institution owned $245.3 billion in U.S. residential mortgages at the end of June, down from $260.9 billion at the end of March. HEL holdings fell to $155.1 billion from $157.6 billion. Among "discontinued real estate" holdings were $15.9 billion in pay-option mortgages, down from $17.3 billion, and $1.6 billion in subprime mortgages, down from $1.7 billion.

"Loans and leases" held by the home loans & insurance group were $131.1 billion on June 30, slightly off $131.3 billion at the end of March.

The mortgage servicing portfolio ended the second quarter at $2.1119 trillion, less than $2.1128 trillion at the end of the first quarter. The servicing portfolio stood at just $0.5408 trillion on June 30, 2008, before the Countrywide purchase.

The home loans & insurance division lost $0.7 billion during the second quarter, worsening from an $0.5 billion loss in the first quarter. BoA noted that higher revenue was mostly offset by increased credit costs and noninterest expense. But the latest loss was still better than the $1.0 billion in losses during the second-quarter 2008.

However, "mortgage banking income" was a profit of $2.5 billion, lower than $3.3 billion in the first quarter but better than $0.4 billion in the second-quarter 2008.

Net income at Bank of America Corp. was $3.2 billion, down from $4.2 billion in the first quarter and $3.4 billion a year earlier.

BoA reported 282,408 full-time employees as of the end of last month, slimming down from 286,625 three months prior.

Bank of America profile

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