$20.7 billion 4th quarter fundings
By MortgageDaily.com staff
1/23/2006

A decrease in quarterly mortgage production contributed to lower annual originations at Bank of America Corp.

Fourth quarter volume of $20.7 billion slumped from $27.5 billion in the prior three-month period, according to BoA's latest financial supplemental report. The latest total, however, is better than the $18.4 billion in the last quarter of 2004.

Fundings for full-year 2005 of $86.8 billion were barely changed from the previous year, the Charlotte, N.C.-based banker said in the report.

Retail originations reportedly represented 71% of the fourth quarter's production and wholesale loans the rest.

BoA said the size of the mortgage servicing portfolio was $296.8 billion as of year-end 2005.

The banking behemoth announced fourth quarter net income of $17 billion.

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