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Better Business at BoA

$51.9 billion 2nd quarter volume

July 19, 2007

By MortgageDaily.com staff

Bank of America Corp. boosted business by launching a successful no-cost mortgage.

Second quarter mortgage production totaled $51.9 billion, climbing from a restated $44.5 billion the prior quarter and a restated $44.7 billion a year earlier, according to earnings data released today.

"Strong originations of first mortgages were boosted by the successful launch of No Fee Mortgage PLUS, which accounted for 11 percent of first mortgage production in the second quarter," BoA said.

The restatement of total fundings reflected adjustments to prior-period home equity originations due to the reclassification of home equity loan balances from direct/indirect to home equity, the Charlotte, N.C.-based banking behemoth noted. Home-equity volume was $22.7 billion in the latest period, up from $21.0 billion in the first quarter and $21.3 billion during the second quarter 2006.

Mortgages serviced for investors totaled $232 billion at quarter's end, the data indicated. Outstanding residential mortgages were $269.7 billion, while home-equity loans outstanding were $96.5 billion. U.S. commercial mortgages outstanding were $36.2 billion.

Nonperforming assets as of June 30 included $867 million in residential mortgages, $496 million in home-equity loans and $280 million in commercial mortgages, BoA reported. The net loss ratio for the second quarter was 0.02 percent for home mortgages, 0.12 percent for HELs and 0.01 percent for commercial real estate.

Full-time equivalent employees at quarter's end were a reported 195,675.

Consumer Real Estate net income decreased 18 percent to $141 million because of higher provision expense from increased loss expectations in the home equity portfolio reflecting the growth of this business. Net income from combined operations during the latest period was $5.76 billion.

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