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.