Bank of America originated nearly $24 billion in single-family loans in the first quarter through its retail channel, up 11% from the fourth quarter and 57% a year ago.
“We believe these increases are reflective of improvements in our retail market share,”
Thompson indicated the retail pipeline is full and growing.
The Charlotte, N.C.-based banking company closed its wholesale and correspondent channels over the past few years.
Due to increasing originations, Thompson told investors and analysts Wednesday morning that B of A is continuing to hire mortgage loan officers and back office personnel. As of March 21, the nationwide bank has 3,600 MLOs, up from 2,795 a year ago.
“We are adding employees to improve our sales and fulfillment capacity,” Thompson said.
Mortgage banking income totaled $1.3 billion in the first quarter, compared to a loss of $540 million in the fourth quarter.
“Given lower margins realized during the first quarter,” the CFO said, core production income fell to $800 million from $1 billion in the fourth quarter.
