Bank of America Corp. had third-quarter mortgage banking income of $589 million, up 45% from $407 million one year ago.
First-mortgage originations totaled $16.9 billion in the quarter, up over 23% from $13.7 billion
Home equity loan volume increased to $3.1 billion from $2.8 billion in the third quarter of 2015.
Bank of America retained three-quarters of its first-mortgage originations for the period on its balance sheet, similar to what it did
Production income consisted of $212 billion from the consumer banking unit and $4 billion listed under other mortgage banking. This was down from a total of $257 billion one year prior.
On the servicing side, the consumer banking unit contributed $85 billion in income while $451 billion is listed under other mortgage banking. In the second quarter last year, the consumer banking segment added $67 billion in servicing income while other mortgage banking added $151 billion.
But for the most recent period income from other mortgage banking, which includes its asset liability management activities, was reduced by a $102 billion representations and warranties provision and by $61 billion related to internal transfers of mortgage loans and net gains or losses on intercompany trades.
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