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$48 billion 3rd quarter volume

October 18, 2007

By MortgageDaily.com staff

Business at Bank of America Corp. eased during the latest quarter. But mortgage banking income managed an increase.

Third quarter mortgage production amounted to $48.0 billion, according to earnings data released today. Fundings were off from $51.9 billion in the second quarter but higher than $42.4 billion a year earlier.

Home equity originations accounted for $21.1 billion of the latest figures, off from $22.7 billion in the previous quarter, the Charlotte, N.C.-based company said. First mortgage production, which was off from the prior period but higher than a year earlier, was helped by the strength of the company's No Fee Mortgage PLUS, the announcement said.

The mortgage servicing portfolio was $376.9 billion as of Sept. 30, including $245 billion in loans serviced for investors, BoA reported. Outstanding residential mortgages were $271.8 billion at the end of the quarter, while home equity outstandings were $101.0 billion.

Nonperforming residential mortgages were $1.2 billion on Sept. 30, the data indicated, while nonperforming home equity loans were $0.8 billion.

Commercial real estate loans ended the quarter at $40.4 billion, according to the report.

The bank reported 198,000 full-time employees as of the end of the third quarter.

Third quarter mortgage banking income reportedly was $155 million, up slightly from the prior period. Company wide earnings were $3.7 billion, down from $5.8 billion during the second quarter.

BoA said it completed the acquisition of U.S. Trust in July.

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