twitter linkedin
facebook google+

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from

Mortgage News Reprints
Put entire stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed stories free on your Web site or for your RSS reader.

News Archives
Archive of stories by month going back to 1999.

Press Releases
Reports and announcements from

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News


Mortgage News

HOT Topics









site map
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 Dive

$58 billion Q3 volume

Oct. 6, 2008

By Mortgage Daily staff

If Bank of America Corp.'s originations are any indication, the latest quarter was a disaster for U.S. mortgage lenders.

Third-quarter production was $58.0 billion, including $6.4 billion in home-equity loan volume, earnings data released today indicated. The latest report was the first that included aggregate data for the Charlotte, N.C.-based bank and Countrywide Financial Corp., which was acquired on July 1.

Fundings fell from $92.9 billion in the second quarter, which included $33.9 billion for BoA and $59.0 billion for Countrywide.

A year earlier, total production was $142.6 billion, including BoA volume of $48.0 billion and Countrywide volume of $94.6 billion.

The total portfolio of mortgages serviced for investors was $1.654 trillion on Sept. 30.

Residential mortgages on the balance sheet ended the period at $257.0 billion, while HELs totaled $151.9 billion. Discontinued real estate loans, which includes subprime mortgages and HELs originated by Countrywide, was $22.1 billion at the end of the quarter.

Combined, loans serviced for others and residential loans on the balance sheet total $2.085 trillion.

Delinquency of at least 90 days on residential mortgages was 0.12 percent on Sept. 30, unchanged from June 30.

BoA said it modified more than 73,000 loans during the third quarter compared to 14,000 a year earlier.

Commercial real estate loans on the balance sheet at the end of June were $63.7 billion.

The third-quarter net charge-off ratio was 0.37 percent on residential loans and 2.53 percent on HELs. On commercial mortgages, there was a 1.65 percent net charge-off ratio.

Net income was $1.2 billion during the latest period, tumbling from $3.4 billion in the second quarter and $3.7 billion during the third-quarter 2007. Mortgage banking income increased $1.2 billion due to the addition of Countrywide, which contributed $0.3 billion to net earnings during its first quarter of inclusion.

BoA said it would reduce its common stock dividene to $0.32 from $0.64, a move it expects will add more than $1.4 billion each quarter. The bank also said it will raise $10 billion in common stock.

BoA employed 247,024 people on Sept. 30, down from a combined total of 256,566 on June 30.

Servicing News | Servicer Ranking | Delinquency Statistics
Stories about mortgage servicers, delinquency and f o r e c l o s u r e s. Coverage of servicing lawsuits and loan servicing technology.

Corporate Mortgage News
M e r g e r s, a c q u i s i t i o n s and private and public offerings. Other corporate activity including executive appointments, bankruptcies name changes.

Logout forgot

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter


mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders