twitter linkedin
facebook google+
Search:

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com 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 MortgageDaily.com.

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

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

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

Press Releases
Reports and announcements from MortgageDaily.com.

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

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

www.loan-academy.com/
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.


BofA Annual Mortgage Production Drops By Half

Q4 production up 6%

Jan. 17, 2013

By Mortgage Daily staff


Thanks to its exit from the correspondent lending channel, annual mortgage originations at Bank of America Corp. dropped by half. Huge losses were reported for the mortgage unit. But the banking behemoth reported an increase in quarterly originations and a decrease in residential delinquency.

The Charlotte, N.C.-based company said in its fourth-quarter earnings report that it originated $22.478 billion during the period.

Business picked up from $21.248 billion in the third quarter and $22.373 billion in the same period during 2011.

The most-recent production reflected 305,000 first mortgage originations for $21.516 billion and $0.962 billion in home-equity loan volume.

Full-year mortgage production sank to $78.659 billion from $156.144 billion in 2011. The decline reflected BofA's exit in 2011 from correspondent lending -- which generated $71.456 billion of the 2011 total.

Through the sale of mortgage servicing rights, the bank cut its portfolio of mortgages serviced for investors to $1.045 trillion from $1.142 trillion at the end of September and $1.379 trillion at the end of 2011.

U.S. residential loans on BofA's balance sheet were trimmed to $243.088 billion from $247.246 billion as of Sept. 30. Residential assets were $262.205 billion at the end of 2011.

Delinquency of at least 30 days on residential investments, excluding government-insured and purchased credit-impaired loans, fell to 2.1 percent from 2.3 percent in the third quarter. The rate was 2.5 percent as of Dec. 31, 2011.

Home-equity holdings were reduced to $107.996 billion from $112.260 billion and stood at $124.699 billion a year earlier. Home-equity delinquency was unchanged at 1.1 percent but has improved from 1.5 percent a 12 months prior.

Delinquency on loans insured by the Federal Housing Administration and other insured mortgages rose to 11.83 percent from the third quarter's 11.49 percent and 10.94 percent at the same point in the prior year.

In addition, BofA owned $9.892 billion in discontinued real estate loans, a little less than the $9.876 billion owned at the end of the previous quarter and a lot less than the $11.095 billion owned at the end of the previous year.

U.S. commercial real estate loans in the investment portfolio grew to $37.2 billion from $36.0 billion but have fallen from $37.8 billion a year prior.

Representations and warranties provision was $3.0 billion in the fourth quarter, surging from $0.3 billion a year earlier. After receiving $4.5 billion in new repurchase claims, outstanding repurchase claims climbed to $28.3 billion from $25.5 billion at the end of September. The Dec. 31 figure reflected $13.5 billion in claims from Fannie Mae and Freddie Mac, $12.3 billion in private claims and $2.4 billion in monoline claims.

Fourth-quarter income before taxes in the consumer real estate services division was a $5.6 billion loss, worse than the $1.4 billion third-quarter loss and the $2.3 billion loss a year earlier. The business cut its full-year losses to $10.0 billion from $29.5 billion in 2011.

BofA said income was impacted by $2.7 billion because of its settlement with Fannie Mae and $1.1 billion as a result of its settlement with the Office of the Comptroller of the Currency and Federal Reserve.

Company-wide income before taxes was a $1.9 billion loss, swinging from a $1.1 billion profit three months earlier and a $2.4 billion profit a year earlier. Annual earnings totaled $3.0 billion.

There were 267,190 people employed by BofA across all units as of Dec. 31, fewer than the 272,594 employees as of the end of the third quarter and the 281,791 employees at the end of 2011.

As of the end of last year, 5,478 branches were in operation, not as many as the 5,540 branches at the close of the prior quarter.

Bank of America profile

next story

back to current headlines


Bank news

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.


Secondary Marketing News | Correspondent Lender Directory
Mortgage portfolio trades and forward commitments. Correspondent lending, r e p u r c h a s e s and warehouse news. Secondary marketing statistics and lawsuits.



Commercial Mortgage News | CRE Lender Directory | CRE Statistics
Stories about commercial lending on multifamily, office, retail and industrial properties.


Mortgage Lawsuits News | Mortgage Litigation Index
Mortgage industry lawsuit news and mortgage litigation coverage. Stories about legal settlements, judgments and mortgage class actions.


Logout forgot
password?

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

MBS

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