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BofA’s Mortgage Metrics Contract

In addition to slower mortgage originations, Bank of America Corp.’s mortgage servicing and investment portfolios were down, as was its legacy asset staffing.

Residential lending volume added up to $16.428 billion during the three months from Jan. 1 through March 31.

The Charlotte, North Carolina-based firm disclosed the details, along with other operational and financial performance data, in its first-quarter earnings report.

Business slowed compared to the previous three-month period, when $17.038 billion in home loans were funded.

Activity also dipped from the year-earlier quarter, when $16.930 billion was closed.

First-quarter 2016 business was comprised of $12.623 billion in first-mortgage production and $3.805 billion in home-equity loan originations.

BofA reported that it serviced $551 billion as of March 31, 2016.

The servicing portfolio was reduced from $565 billion three months earlier and $669 billion a year earlier.

BofA also reduced its residential investment portfolio — to $258.211 billion from $263.859 billion at the end of last year and $291.496 billion at the same point last year.

The most-recent investment portfolio was made up of $184.440 billion in residential mortgages and $73.771 billion in HELs.

Commercial real estate loans on BofA’s balance sheet grew to $58.060 billion from $57.199 billion three months earlier and $49.446 billion a year earlier.

Within its mortgage banking business,
consolidated income was $433 million, up from $262 million in the fourth quarter but worse than $694 million in the first-quarter 2015.

In addition, total legacy and servicing mortgage banking income was reported at $372 million, more than $249 million in the fourth-quarter 2015 but less than $461 million in the first-quarter 2015.

The bank-holding company earned $3.7 billion before income taxes, less than $4.8 billion in the fourth-quarter 2015 and $4.3 billion in the first-quarter 2015.

Within legacy assets and servicing, staffing fell to 10,800 as of March 31, 2016, from 11,200 at the end of 2015 and 15,500 as of the same date in 2015.

The first-quarter 2016 ended with 213,183 full-time equivalent employees on BofA’s company-wide payroll.

Staffing subsided from 213,280 at the end of last year and 219,658 at the same point last year.

The number of financial centers was cut to 4,689 from 4,726 as of year-end 2015.

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