The Bank of America reported in the third quarter of 2023 that their mortgage and home equity production activity had declined from the previous quarter. This is a result of the initial impact of the coronavirus pandemic.
The bank’s total mortgage production, excluding home equity loans and lines-of-credit, declined from the second quarter to the third quarter due to a decrease in the percentage of purchase loans originated. The bank noted that they had approved certain credit requirements for borrowers and that many borrowers with lower credit ratings were opting to stay with their current lender, which had an effect on new applications.
As a result, the bank saw mortgage production decline due to a decrease in originations of both purchase and refinance loans. The bank’s home equity production also decreased from the second quarter to the third quarter due to the continued lagged effects of the initial COVID-19 outbreak.
The most important points to be addressed in this article are:
• Bank of America reported a decline in mortgage and home equity production in the third quarter of 2023, compared to the previous quarter
• The decline was attributed to the initial impact of the coronavirus pandemic
• Mortgage production decreased due to a decrease in originations of both purchase and refinance loans
• Home equity production also decreased due to the continued lagged effects of the initial COVID-19 outbreak
You can read this full article at: https://www.housingwire.com/articles/bofas-mortgage-production-declines-6-in-q3/(subscription required)
Note Servicing Center provides professional, fully compliant loan servicing for private mortgage investors so they can avoid the aggravation of servicing their own loans and just relax and get paid. Contact us today for more information.