Bank of America had mortgage banking income of $694 million, up from $412 million one year prior, as it originated $14 million of first mortgages in the first quarter. This is up from $12 billion in the fourth quarter and $9 billion in the first quarter of 2014.
For the fourth quarter, at the corporate level, B of A earned $3.4 billion,
Production revenue in the first quarter was $300 million, up from $194 million in the same period in 2014.
On the servicing side, B of A's portfolio of mortgages with payments that are more than 60 days late declined to 153,000 loans at the end of the first quarter, down 36,000 loans, or 19%, from the prior quarter and down 124,000 loans, or 45%, from the year-ago quarter.
The Legacy Assets and Servicing business lost $238 million for the quarter, but that is much improved from a $4.9 billion loss for the first quarter of 2014.
However, the mortgage loan servicing portion of the LAS segment made $461 million in the fourth quarter.
