$17.5 billion 1st quarter production
By MortgageDaily.com staff
4/18/2005

Fundings fell again at Bank of America, with latest numbers near the lowest level in almost three years.

The Charlotte, N.C.-based banking giant reported first quarter production of $17.5 billion, off from the $18.4 billion reported during the prior quarter and $23.8 billion during the same period 2004.

Wholesale fundings made up $5.6 billion of the current numbers, Bank of America said, while retail accounted for $11.9 billion.

Quarterly production has only been this low twice since 2002.

The mortgage servicing portfolio was $275.5 billion at the end of March, according to the announcement.

Net earnings were $4.7 billion during the quarter, Bank of America reported, including $221 million in mortgage banking income.

Article © MortgageDaily.com All Rights Reserved