Bank of America Originates Nearly $100 Billion in Mortgages During Third Quarter

November 9, 2009 No Comments »

bank of america

Bank of America had a strong third quarter, with nearly $96 billion in first mortgage volume via both refinance and purchase money mortgage transactions, according to their latest performance update.

Year-to-date, the mortgage lender has funded roughly $292 billion in first mortgages to more than 1.3 million customers, no doubt helped along by its acquisition of Countrywide.

The company also originated $3 billion in home equity loans and reverse mortgages during the third quarter, with more than $10 billion funded to date since the beginning of the year.

Bank of America has also modified or agreed to provide “rate relief” (is that just a fancy way of saying refinance?) to approximately 215,000 customers during the first nine months of the year, compared with 230,000 in all of 2008.

Nearly 98,000 are in trial loan modification programs and 163,000 are in the process of responding to offers under the Making Home Affordable program.

To handle the volume, BofA has increased its loss mitigation staff to more than 11,000 this year, a 55 percent increase, though you have to wonder how stable those jobs are going forward.

Additionally, more than 900,000 consumer credit card and consumer unsecured loans have been modified, representing more than $8 billion in credit, with the average monthly mortgage payment reduced by one-third.

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