Quarterly mortgage production surged 20% at Bank of America.
The Charlotte, N.C.-headquartered bank reported it originated $28.5 billion in loans during the second quarter, up from $23.9 billion the previous quarter. Last year at this time, volume was much higher at $40.4 billion.
The jump in the latest numbers was primarily due to retail originations, which jumped by about 36% to $19.2 billion, while wholesale production edged down to $9.3 billion, according to the report.
Quarter-over-quarter, the mortgage servicing portfolio reportedly nudged up about 2% to $253.3 billion.
The improved activity at the mortgage unit contrast reports of declining conforming production from ABN AMRO and Flagstar.
BoA said its second quarter net income of $3.85 billion soared 41% from the first quarter due to its merger with FleetBoston Financial.