The second quarter of 2023 saw a dramatic increase in mortgage volume from BofA, one of the nation’s largest banks. The mortgage volume totaled $5.9 billion, marking an increase of 50.8% from the previous quarter.
BofA’s mortgage activity in the second quarter of 2023 was driven by several factors which enabled the bank to increase its market share and capitalize on the historically low interest rate environment. This was seen particularly in the refinancing of mortgages by current homeowners and buyers taking out mortgages on newly constructed homes. BofA was also able to leverage its expansive branch network to reach potential customers in the market for new loans.
Main Points:
• Mortgage volume totaled $5.9 billion in Q2 2023, a 50.8% increase from the previous quarter
• Drivers of the increase included the low-interest rate environment and refinance of mortgages by current homeowners & buyers who took out loans on newly constructed homes
• Leveraged BofA’s expansive branch network to reach potential customers in the market for new loans
You can read this full article at: https://www.housingwire.com/articles/bofas-mortgage-biz-ticks-up-in-q2-but-regulatory-headwinds-are-on-the-horizon/(subscription required)
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