BofA reported increased mortgage and home equity loan production in Q2 2024. Mortgage-backed securities fair market value also rose. Net income slightly decreased.
The four largest depository mortgage originators totaled $26 billion in Q2 2024. BofA, behind JPMorgan, produced $5.7 billion in first mortgages with a slight increase in home equity loans.
BofA's outstanding residential mortgages slightly declined to $227.5 billion in Q2 2024. The home equity portfolio remained flat. CEO Moynihan highlighted growth in checking accounts.
Provisions increased to $1.5 billion in Q2 2024. Consumer banking net income slightly decreased. CFO Borthwick noted a slight uptick in loan originations this quarter.
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