Bank of America Reports $5.7 Billion in First Mortgage Production in Q2 2024
Bank of America (BofA) has recently reported some impressive numbers in their mortgage production and overall financial performance for the second quarter of 2024. With a production volume of $5.7 billion in first mortgages from April to June, BofA saw a significant increase of 66.3% from the previous quarter. While this figure was slightly down from the same period in 2023, it still showcases the bank’s strong presence in the mortgage market.
In comparison to other major depository mortgage originators, BofA ranked behind JPMorgan with $10.7 billion in total production. Wells Fargo and Citi also contributed to the combined quarterly volume of $26 billion in Q2 2024. Additionally, BofA saw an increase in home equity loan originations, further demonstrating their growth in the lending sector.
Despite a slight decrease in outstanding residential mortgages and home equity portfolio, BofA’s total mortgage-backed securities showed a significant increase in fair market value. This, coupled with a net income of $6.9 billion for the quarter, reflects the bank’s overall financial stability and performance.
The consumer banking division also posted a strong net income, showcasing the bank’s diverse range of services and offerings. Chair and CEO Brian Moynihan expressed his satisfaction with the bank’s performance, highlighting the growth in checking accounts and overall positive momentum.
Overall, BofA’s second-quarter results indicate a strong and resilient financial institution that continues to thrive in the ever-evolving banking industry. With a focus on mortgage production and consumer banking, BofA is well-positioned for continued success in the future.
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