Bank of America reported a $5.3 billion decline in mortgage volume for Q3 2024, despite falling interest rates helping competitors, highlighting a significant downturn in origination.
CFO Alastair Borthwick mentioned that while credit cards, small-business loans, and auto loans saw growth, mortgage balances declined as paydowns surpassed originations.
Citi fared better, posting $3.9 billion in Q3 originations, showcasing that other financial institutions capitalized on improved market conditions despite BofA's struggles.
Despite a rising trend among competition, BofA’s home equity loan origination also fell, revealing a broader trend of declining demand across various mortgage products.
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