Even as Bank of America reported mortgage originations sunk by nearly 60 percent, its servicing portfolio surpassed a quarter trillion dollars.
The North Carolina-headquartered bank's third quarter volume of $16.9 billion was down significantly from $28.5 billion in the previous quarter, according to the bank's supplemental information report. Last year at this time production totaled $39.5 billion.
Third quarter fundings were composed of $11.7 billion in retail loans and $5.2 in wholesale originations, BoA said.
The servicing portfolio reportedly ended the quarter with a balance of $254.2 billion, or 3% above a year ago.
While BoA announced its third quarter earnings of $3.76 billion were up year-over-year, the figure dropped about 9% from the second quarter -- when financial results first included the addition of FleetBoston Financial Corp.