Tag Archives: Bank of America

The Office of the Comptroller of the Currency released its first quarterly Mortgage Metric Report for 2017, detailing servicing data for seven major national banks. See how they fared compared to last quarter.

Suits claiming Bank of America and Wells Fargo engaged in discriminatory lending practices in the city of Los Angeles were dismissed this week by an appellate panel in New York. Filed by the city of LA, the suits alleged the two banks targeted minority buyers with more expensive and riskier loans than white borrowers. The appellate panel ultimately sided with the original district court rulings, which stated the city failed to establish a strong enough link between the bank’s policies and any racial disparity in local homeownership.

At the close of Q1, Bank of America had fallen behind its peers—at least in terms of its capital buffer. The bank came in last among major financial institutions, with just a 1 percent buffer for the quarter. Goldman Sachs took the top spot.

The implementation of the settlement was successful in directing most of the consumer relief to those who needed it the most. The majority of consumer relief came in the form of mortgage loan modifications, 53 percent of which were in areas identified by the U.S. Department of Housing and Urban Development as part of Distressed Census Tracts, or Hardest Hit Areas. The settlement agreement also provided for resources to be directed to local organizations and legal assistance programs to help stabilize neighborhoods and provide foreclosure-prevention assistance and other housing-counseling activities.

Kroll Bond Rating Agency released an extensive report on mortgage servicing rights, giving a glimpse into the mortgage books of top servicers such as Wells Fargo, Citigroup, JPMorgan, Bank of America, and Ocwen.

The recent rise in mortgage interest rates has taken a cut from the mortgage banking lines of three of the largest banks, but the news was not all negative.

Bank of America, JPMorgan Chase, PNC, and Wells Fargo posted solid revenues to end 2016, though net income was down for two of them, according to the banks' latest earnings reports. How did mortgage income fare at these institutions?

Bank of America has until August 2018 to pay off its consumer relief obligation under its August 2014 settlement with the U.S. Department of Justice and six states. But it appears that the bank will pay off that obligation two years before the deadline.

Bank of America managed to escape the fate that befell JPMorgan Chase, Citigroup, PNC, and Wells Fargo, according to Bank of America’s third quarter earnings report released on Monday.

Bank of America showed a drop in mortgage income as well as a substantial drop in overall profits despite mortgage production increasing in Q2. What will mortgage earnings for Q3 hold?