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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 Slip, Mixed Mortgage Earnings

$89.4 billion in Q4 home loan fundings

Jan. 20, 2010

By staff

Quarterly home-loan fundings fell at Bank of America Corp., but annual activity more than doubled. Despite a $6 billion loss last year at the home-loans unit, the company earned more than $6 billion.

Fourth-quarter 2009 residential production was more than $89.4 billion, falling from the third quarter's $98.4 billion but well above $49.9 billion a year prior, earnings data released today indicated.

Full-year originations were $391.3 billion, surging from $181.0 billion in 2008 and reflecting the July 2008 acquisition of Countrywide Financial Corp.

Home-equity fundings accounted for $2.8 billion of fourth-quarter 2009 business and $13.2 billion of annual activity.

The mortgage servicing portfolio finished last year at $2.1508 trillion, rising from $2.1483 trillion at the end of third quarter and $2.0573 trillion at the end of 2008. The latest figure included $1.716 trillion in mortgages serviced for investors, edging down from $1.726 trillion at the end of the third quarter.

The Calabasas, Calif.-based home loans and insurance operation held $131.3 billion in loans and leases as of Dec. 31, 2009, lower than $134.3 billion on Sept. 31, 2009.

For all of BoA, U.S. residential mortgage holdings finished last month at $241.6 billion, higher than $238.4 billion three months earlier. Home-equity holdings fell, however, to $149.1 billion from $152.0 billion, and discontinued real estate holdings declined to $14.9 billion from $15.5 billion.

Commercial real estate holdings declined to $66.5 billion from $69.1 billion on Sept. 30, 2009.

Consolidated mortgage banking income rose to $1.7 billion from the third quarter's $1.3 billion and $1.5 billion a year previous. Full-year income increased to $8.8 billion from 2008's $4.1 billion.

Net income before taxes at the home loans and insurance unit was a $1.6 billion loss, better than the third quarter's $2.5 billion loss. The operation had a $1.1 billion loss the previous year. Full-year 2009 losses were $6.0 billion, worse than $3.9 billion in 2008.

The entire Charlotte, N.C.-based institution had an $0.2 billion fourth-quarter loss after taxes, better than the $1.0 billion loss three months earlier and the $1.8 billion loss a year earlier. For all of 2008, income rose to $6.3 billion from 2008's $4.0 billion.

The company said it expanded its home retention staff to over 15,000 -- more than doubling the size of the team since Countrywide was acquired.

Headcount across the conglomeration ended last year at 283,717, higher than 281,863 at the end of the third quarter and jumping from 240,202 at the end of 2008.

Bank of America profile

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