Mortgage Daily Logo

BofA Home Lending Dips, Mortgage Earnings Up

Mortgage News

Although home lending slipped from the previous quarter at Bank of America Corp., business improved from a year prior. Mortgage earnings strengthened significantly.

Prior to the provision for income taxes, the bank-holding company earned $7.3 billion during the period that commenced on July 1, 2016, and concluded on Sept. 30.

Those details were among operational and financial metrics included in the Charlotte, North Carolina-based organization’s third-quarter earnings results released Monday.

Income was boosted from $6.8 billion in the second quarter and $6.2 billion in the third-quarter 2015.

Within just home lending, BofA reported $589 million in mortgage banking income. The division’s earnings expanded from $312 million the prior quarter and $407 million a year prior.

The report indicated that BofA closed $20.406 billion in residential loans during the most-recent three-month period. Business slipped from $20.617 billion in the second quarter but was elevated from $16.852 billion in the third-quarter 2015.

Third-quarter 2016 originations included $16.865 billion in first mortgage production, up from $16.314 billion the prior quarter, and $3.541 billion in home-equity loans, down from $4.303 billion.

From Jan. 1, 2016, through Sept. 30, BofA closed $57.451 billion in residential loans, including $45.802 billion in first mortgages and $11.649 billion in HELs.

The fourth quarter is shaping up to be slightly better than latest period, with the first-mortgage production pipeline increasing 14 percent between the second and third quarters.

BofA serviced $336 billion in mortgages for investors as of the close of the third-quarter 2016. The third-party servicing portfolio was reduced from $353 billion as of June 30 and $391 billion as of Sept. 30, 2015.

The bank’s balance sheet had $256.965 billion in residential assets. The total slipped from $257.530 billion at the end of the second quarter and has been reduced from $265.969 billion at the same point last year.

Last month’s residential holdings were comprised of $187.968 billion in mortgages and $68.997 billion in HELs.

BofA additionally owned $53.9 billion in U.S. commercial real estate loans, off from $54.3 billion the prior period but up from $51.8 billion a year prior.

As of the end of last month, BofA had 209,009 people on its payroll. Employee count
was trimmed from 210,516 three months earlier and cut from 215,193 one year earlier.

The financial institution operated 4,629 financial centers as of Sept. 30, fifty-two fewer than as of mid-2016.

Related Posts

NewDay USA CEO Rob Posner Expects 10% Increase in 2019 Mortgage Loan Volume

There is No Such Thing as a Free House …

Over the past several years, those who service loans in the State of Washington(1) have seen a dramatic rise in the number of lawsuits in which delinquent borrowers seek to quiet title to their homes on the grounds that lenders are barred from foreclosing based on...

NewDay USA CEO Rob Posner Expects 10% Increase in 2019 Mortgage Loan Volume

Mortgage Servicer Portfolios

servicing news | mortgages outstanding statistics | foreclosure news   Servicing Portfolios as of 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 Residential Servicing Portfolios by Servicer Last Updated December 14, 2018...

NewDay USA CEO Rob Posner Expects 10% Increase in 2019 Mortgage Loan Volume

Fannie Mae Profile

Last Updated December 27, 2018 7:38 PM Central   full list | other directories | bank search | SEC filings | execs | m&a | production   Government Takes Over Fannie, Freddie Sept. 8, 2008 The government has seized control of Fannie Mae and Freddie Mac. The move --...

NewDay USA CEO Rob Posner Expects 10% Increase in 2019 Mortgage Loan Volume

Freddie Mac Profile

Government Takes Over Fannie, Freddie Sept. 8, 2008 The government has seized control of Fannie Mae and Freddie Mac. The move -- which is likely to push mortgage rates lower and provide a sense of stability for the more than 10,000 employees at both companies -- is a...

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...

Newsletter

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