Bank of America is actively selling mortgage servicing rights and becoming more selective in placing MSRs on its books, company officials said Tuesday morning.
During an earnings conference call a B of A executive said the banking giant is taking a "very close look at the types of activities we are originating and servicing." He added: “We will look to scale back that which we put on our books to service."
As reported exclusively by National Mortgage News late last week, B of A is offering for sale a $40 billion package of MSRs tied to Freddie Mac loans. To date, both the bank and Freddie have declined to comment on the sale.
At March 31, B of A serviced just over $2 trillion of one- to four-family mortgages, down 7% from the same period a year ago.
