Bank of America Corp. improved its quarterly and annual mortgage production.
Fourth quarter mortgage volume amounted to $44.1 billion, $2.2 billion better than the third quarter and $3.9 billion higher than in the comparable period a year earlier, BoA reported.
Full-year 2006 fundings of $166.3 billion surpassed that of $158.8 billion in 2005, according to the company's supplementary information report.
Volume in the fourth quarter consisted of $23.7 billion in mortgage originations and $20.4 billion in home equity originations, BoA said. While the overall quarterly improvement resulted from an increase in mortgage originations, the annual upturn was due to home equity originations -- up 12 percent from the previous year to $80.8 billion.
As of Dec. 31, 2006, the size of the mortgage servicing portfolio was $333 billion, the Charlotte, N.C.-based lender reported. Mortgage loans serviced for investors amounted to $230 billion.
BoA announced net income edged down from the third quarter to $5.3 billion.