An Insider’s Look Into How Secondary Marketing Evaluates LOs

In this webinar we’ll explore the long-term financial impacts of renegotiations, extensions and fallouts, plus basic guidelines to be viewed as a professional by your secondary marketing department

HousingWire Annual Virtual Summit

Sessions from HousingWire Annual 2021 are going to be virtually streamed on October 25. Register now for FREE to tune into what housing industry leaders had to say this year!

How servicers can access timely, accurate data insights

Learn how to navigate the challenges in today’s market – for example, the need for ongoing, on-demand access to near-real-time data and the ability to access those data insights in a timely and accurate manner.

Steve Murray on new brokerage models, CFPB crackdowns

Today’s HousingWire Daily features a discussion on the emergence of a new brokerage model and the validity behind the concerns against institutional investors.

InvestmentsMortgage

Bank of America net income soars 40% in first quarter

But drop in mortgage income pulls down noninterest income

Bank of America reported an increase of 40% in net income to $4.9 billion in the first quarter, up from $3.5 billion last year.

Earnings per share came in at $0.41, an increase of 46% from last year’s $0.28 per share. Revenue also increased 7% to $22.2 billion, up from last year’s $20.8 billion, while net interest income increased 5% annually to $11.1 billion. This increase was driven by rising interest rates and growth in loans and deposits.

However, noninterest income decreased slightly in the consumer banking sector due primarily to lower mortgage banking income and the lack of divestiture increases. Noninterest income for consumer banking slipped to $2.5 million, down from $2.6 million last quarter and $2.53 million last year.

The bank also saw a decline in non-core mortgage servicing costs, bringing down noninterest expense to $2.2 million, down from $2.4 million last year but still up from $954,000 last quarter.

“We saw good client activity in our balanced portfolio of businesses: consumer spending was up, our wealth management business had strong asset management flows, investment banking fees rebounded nicely, and we continued to provide credit and capital to our corporate and institutional clients to help them drive the economy forward,” Bank of America CEO Brian Moynihan said. “The U.S. economy continues to show consumer and business optimism, and our results reflect that.”

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3d rendering of a row of luxury townhouses along a street

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