Quarterly originations slipped at Bank of America Corp.
The Charlotte, N.C.-based company today reported first quarter mortgage production of $43.1 billion, off $1.0 billion from the prior quarter. However, fundings climbed from $35.8 billion in the first quarter 2006.
Home equity originations accounted for $19.7 billion of the latest numbers, the report indicated.
Bank of America said its mortgage servicing portfolio was $345.1 billion as of March 31, of which $234 billion is serviced for other investors. The bank noted it has $254.8 billion outstanding in residential loans.
Residential charge offs totaled $6 million during the first quarter for a charge off rate of 0.01 percent, according to the statement.
First quarter net income was $5.3 billion, unchanged from the fourth quarter, the announcement said. Mortgage banking income accounted for $302 million of the total.