Bank of America First Mortgage Originations Decrease 24% in Third Quarter Over Previous Year

By Kyle Chezum Updated on 11/4/2010

11/04/2010

Bank of American saw its rate of first mortgage originations decrease 24.7% in the third quarter over the previous year's rate.  The bank did only $73 billion in first mortgage business this quarter, down from $95.7 billion in the same quarter last year.  The number of borrowers serviced decreased to 322,000 from 450,000.

Of the $73 billion originated in the third quarter, $16.2 billion went to low and moderate income borrowers.  The previous year saw $23.3 billion go to the same group, a significant decrease.  The Mortgage Bankers Association claims this drop can be attributed to continued unemployment.

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