BofA's mortgage production falls in Q1 [Yahoo! Finance]
Bank of America Corporation (BAC)
Last bank of america corporation earnings: 4/15 06:45 am
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Source: Yahoo! Finance
On Tuesday morning, the top-20 U.S. mortgage lender stated it produced a volume of $3.4 billion in first mortgages from January to March, down 12.5% from the $3.9 billion in the previous quarter and the same quarter of 2023. Loan production in the home equity arena was $1.8 billion in Q1 2024, a decline of 16% from $2.2 billion in the previous quarter and down 27% compared to $2.5 billion in the same period of 2023. BofA's sequential quarterly production decline follows that of Wells Fargo and JPMorgan Chase , which also showed volumes under pressure in the first quarter of 2024. Their combined quarterly origination reached $10 billion – and, if this path is maintained, they will be well below the $60 billion originated in 2023, according to Eric Hagen, analyst at BTIG “Expect independent mortgage banks to continue taking share from the large commercial depositaries, which are still shrinking their footprints in lending and servicing,” Hagen said in a report on Tuesday. Nonba
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