Mortgage Daily Logo
mortgage news from industry experts

Earnings Jump at BofA as Originations Sink

Quarterly earnings climbed at Bank of America Corp., while home-lending activity tumbled. The company stopped reporting mortgage earnings and servicing.

Prior to income taxes, income was $8.4 billion during the three months ended March 31, according to BofA’s first-quarter earnings report.

Income at the Charlotte, North Carolina-based bank-holding company climbed from $7.3 billion a year prior and jumped from $6.2 billion the prior quarter.

While BofA previously reported mortgage income, results are now included in “other income.”

Single-family loan originations during the latest period came to
$13.173 billion — including $9.424 billion in first-mortgage production and $3.749 billion in home-equity loans. Business tumbled from $16.758 billion in the fourth-quarter 2017 and $15.495 billion in the first-quarter 2017.

BofA no longer reports its third-party servicing in its earnings report.

Residential assets were reduced to $259.420 billion as of the end of the first quarter from $261.555 billion three months earlier. But BofA has grown the portfolio from $257.758 billion as of one year earlier. Last month’s total was comprised of $204.112 billion in mortgages and $55.308 billion in HELs.

Commercial real estate holdings expanded to $60.085 billion from $58.298 billion as of the conclusion of the fourth quarter and $57.849 billion at the close of the first-quarter 2017.

Company-wide staffing was 207,953 as of March 31 of this year. BofA cut headcount from 209,376 employees at the end of last year and 210,533 people at the same point last year.

There were 4,435 financial centers in operation, 35 fewer than at the close of 2017.

Popular posts

How Long Does It Take to Refinance a Mortgage
How Long Does It Take to Refinance a Mortgage

So, you’re interested in refinancing your mortgage. Maybe you want some extra capital to do that home project you’ve always dreamed of, interest rates are nearing record lows, or you want to start consolidating debt. Regardless of the motivation behind the refinance,...

How Does Refinancing a Mortgage Work
How Does Refinancing a Mortgage Work

A home purchase is considered an investment, and a robust one at that. Savvy owners are constantly looking for new ways to reduce debt, save money, pay less in interest, and ultimately build equity. Refinancing is one way to leverage your investment and do just that....

What Does It Mean to Refinance Your Home
What Does It Mean to Refinance Your Home

You can think of refinancing your mortgage as a debt redo. Essentially, you’ll swap out the existing loan for a new one - ideally with better terms and conditions. Only this time it could help you save money on high mortgage payments, rather than just borrow it....

Setting up the Utilities in My New House
Setting up the Utilities in My New House

All the tedious, time-consuming home closing documents have been signed, sealed, and delivered. Your belongings are packed into what seems like a million boxes and you have a solid plan to haul all your existing furniture to the new place. Just as your boxes and...

When Is My First Mortgage Payment Due?
When Is My First Mortgage Payment Due?

Navigating your way through a brand new mortgage loan can be a difficult task, especially for first time homeowners. After handing over a large sum of money for the down payment and closing costs, it’s important to pay attention to the timing of your first mortgage...


Don’t worry, we don’t spam

calculate your monthly mortgage payment

Related Topics

Helpful Links

Daily mortgage rate trends

Best mortgage lenders

First-time homebuyers programs by state

Loan limits by state

Types of mortgages

APR vs interest rate

Understanding PMI

Related Posts