Bank of America's quarter-over-quarter mortgage production jumped 30%, but fundings are still down compared to last year.
According to its first quarter earnings announcement, the Charlotte, N.C.-headquartered bank originated $23.9 billion in mortgages, up from the previous quarter's figure of $18.4 billion. In the first quarter of 2003, volume was higher at $32.8 billion.
The latest total was derived from $14.1 billion in retail originations, up 21% from the prior quarter, the company reported. Meanwhile, wholesale volume grew 46% and contributed $9.8 billion.
Bank of America said the mortgage servicing portfolio had a balance of $247.6 billion at the end of the first quarter, which is down from the total of $257.2 billion at the same time last year.
First quarter net income was $2.68 billion, or 1.83 per share, compared to $2.42, or $1.59 a share, a year earlier, the bank reported.
The Charlotte-based company said current earnings do not include those of FleetBoston Financial Corp., which it acquired on April 1, 2004.
Earlier this month, the company said it expected the merger to result in corporate-wide job reductions of 12,500, primarily in overlapping processes and corporate staff functions.