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Quarterly residential mortgage production by lender. Subprime, Alt-A, home equity and conforming originations. Volume by quarter since 2003.

Originations Up, Non-FHA Delinquency Down at BofA

Q2 production $74.1 billion

July 16, 2010

By staff

Quarterly home-loan fundings moved higher at Bank of America Corp. Late payments on mortgages deteriorated -- though delinquency was lower excluding government-insured loans.

Second-quarter residential originations increased to $74.1 billion from $71.5 billion in the first quarter, the company reported today in its earnings report. Production was $114.3 billion in the second quarter of last year.

Purchase transactions accounted for 53 percent of the approximately 342,000 loans funded in the second quarter.

The latest total included $2.1 billion in home-equity business, creeping up from the first-quarter's $2.0 billion and dropping the second-quarter 2009's $3.7 billion.

The Charlotte, N.C.-based institution's mortgage servicing portfolio finished last month at $2.1276 trillion, lower than $2.1437 trillion at the end of March. The portfolio was $2.1119 trillion on June 30, 2009. Loans serviced for investors accounted for fell to $1.706 trillion from $1.717 trillion on March 31.

Residential loans owned as of June 30 were $245.0 billion, edging up from $244.5 billion three months prior. The company also owned $146.3 billion in home-equity loans, down from $149.9 billion. Discontinued real estate holdings declined to $13.8 billion from $14.2 billion.

Residential delinquency of at least 30 days rose to 9.18 percent from 8.51 percent on March 31 and 3.06 percent on June 30, 2009. But excluding loans insured by the Federal Housing Administration, the rate fell to 2.68 percent from 2.81 percent three months earlier and 3.01 percent a year earlier.

Commercial real estate loan assets declined to $59.1 billion from $63.9 billion.

Total consolidated mortgage banking income was $0.898 billion, falling from $1.500 billion in the previous quarter and $2.527 billion in the same period last year.

"The year-over-year decline in mortgage banking income was driven by the $802 million increase in representations and warranties expense, combined with lower production volume and margins resulting from a decrease in refinance activity," the company stated. "Also contributing to the decline were less favorable mortgage servicing results partially offset by increased servicing income."

Net income at BofA of $3.1 billion was virtually unchanged from the first quarter's $3.2 billion. A year earlier, the bank earned $3.2 billion.

"Results were driven by lower credit costs, which improved for the fourth straight quarter, and the sale of non-core assets as the company focused on strengthening key business lines and divesting assets that do not directly contribute to providing financial services to customers," the report said.

There were 283,224 full-time employees at the end of the quarter, a few less than 283,320 three months earlier.

Bank of America profile

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