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.


Repurchase Claims Tumble at BofA

Q1 originations up 11%

April 17, 2013

By Mortgage Daily staff


Mortgage originations improved at Bank of America Corp., though -- with more than nine-out-of-10 new loans being refinances -- production is poised to plummet when rates rise. The size of the mortgage servicing portfolio has been reduced by $500 billion over the past year. BofA saw a huge reduction in new repurchase demands.

Earnings data released Wednesday indicate that home-loan originations during the first three months of this year totaled $25.036 billion. That worked out to around 106,000 new loans.

Business was better than during the fourth-quarter 2012, when BofA loan originators generated $22.478 billion in mortgage production.

An even more stark improvement was made from the first-quarter 2012, when originations amounted to $15.998 billion.

The latest activity included $23.920 billion in first mortgage production and $1.116 billion in home-equity loan fundings.

First-quarter refinance share on first mortgages was 91 percent -- far greater than the 69 percent industry-wide refinance share reported in last week's Mortgage Market Index. Industry estimates had first-quarter refinance share around three-quarters.

The bank reduced its mortgage servicing portfolio to $1.1850 trillion from $1.3318 trillion at the end of last year. The servicing portfolio has been slashed from $1.6864 trillion as of March 31, 2012.

Mortgages serviced for investors accounted for $0.949 trillion of the latest total, down from $1.045 trillion at the end of 2012.

U.S. residential mortgage assets, including discontinued loans, were $256.838 billion at the end of last month. Mortgage holdings grew from $252.980 billion as of the end of last year and $266.797 billion as of March 31, 2012.

An additional $103.218 billion in home-equity loans were owned as of last month, less than the $107.996 billion in HEL holdings three months earlier and $121.246 billion on the books a year earlier.

Commercial real estate loans secured by U.S. properties finished March at $37.6 billion, up slightly from $37.2 billion in the prior period and $36.3 billion in the same quarter during the prior year.

BofA suffered $881 million in litigation expense during the most-recent period. A $500 million class action settlement for $500 million in the Luther, Maine State, and Western Teamsters action over residential mortgage-backed securities issued by Countrywide Financial Corp. subsidiaries was included in the total.

BofA said that new repurchase claims plummeted to $1.8 billion from $4.5 billion at the end of the previous period and $4.7 billion 12 months prior.

Outstanding repurchase claims finished March at $17.1 billion, sinking from $28.3 billion the prior quarter as a result of a $12.4 billion drop in outstanding claims from Fannie Mae and Freddie Mac. BofA reached a $10.3 billion settlement in January with Fannie over repurchases.

The provision for representations and warranties was $250 million in the first quarter.

Income before taxes within the real estate services business was a $2.1 billion loss. BofA cut its losses from $5.6 billion in the fourth-quarter 2012 but worsened from the $1.7 billion loss in the first-quarter 2012.

Consolidated net income before income taxes swung to a $3.6 billion profit from a $1.9 billion loss in the fourth quarter. Income was $0.7 billion during the same period in 2012.

As of March 31, BofA employed 3,607 mortgage loan officers, increasing its origination staffing from 3,519 as of Dec. 31, 2012. A year prior, loan originators numbered 2,795. Last month's total included 1,807 banking center originators and 1,800 centralized and field originators.

Within its legacy assets and servicing unit, headcount fell to around 42,900 from 49,600 in the prior quarter. The year-earlier total was 56,500. Included in the first-quarter 2013 number were 35,500 full-time employees in addition to 7,400 contractors and off-shore support staff.

Company-wide staffing at the Charlotte, N.C.-based company fell to 262,812 employees from 267,190 at the end of last year. At the same point last year, headcount was 278,688.

As of March 31, there were 5,389 BofA branches in operation, fewer than 5,478 three months earlier.

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