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Bank of America Mortgage

Bank of America Mortgage - News

Bank of America cutting technology jobs, some in Charlotte
Like some other banks, Bank of America has laid off mortgage workers in part because borrower demand to refinance mortgages has declined amid a rise in mortgage rates. Under Project New BAC, the bank has also cut branches. Last year, it trimmed 327 

BofA profit beats as mortgage losses ease, provisions fall
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Bank of America Mortgage Rates: 30-Year Refinance Rates and Home Loans for ...
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Banks Keep Their Mortgage Litigation Reserves a Secret
Banks Keep Their Mortgage Litigation Reserves a Secret Now, other large banks — in particular, Bank of America, with its enormous exposure to sour precrisis mortgages — are expected to announce painful deals with the government in the coming months. As these legal threats loom, the nagging question is 

Underwater Bank Of America Mortgage - If you have an underwater mortgage with Bank Of America and are looking for help contact Group 46 today. Kevin and Fred ...

Bank of America reports drop in mortgage banking income

However, mortgage banking income created a drag on noninterest income, which increased 6% to $11.8 billion in the second quarter. The increase was driven primarily by the sale of the non U.S. consumer credit card business and higher investment banking fees, and partially offset by lower gains from the sale of debt securities and lower equity investment income.

Within the consumer banking sector, noninterest income decreased slightly to $2.55 million, down from $2.59 million last year. This drop is due mainly to the drop in mortgage banking income.

But while mortgage banking income is down, the chart below shows residential mortgage loans increased from last quarter and last year.

Click to Enlarge

(Source: Bank of America)

The bank reported an increase of 12% in earnings per share to $0.46. This is up from $0.41 last year.

The bank’s revenue also increased 7% to $22.8 billion this quarter, up from $21.3 in the second quarter of 2016.

Mortgage industry under fire again ... from younger buyers

This shift may be more generational than anything else. Lenders are dealing more with millennials now, who are finally entering the housing market and who demand and expect transparency, expertise and, surprisingly, personal interaction.

"Everyone thinks that about millennials, that they're all tech all the time, but the truth is their heavy online reliance is research-based, but they're also using in-person and calling channels more often than not for mortgage originations. They are oriented toward that expert and advisory piece," said Craig Martin, senior director, mortgage practice at J.D. Power.

That appears to be why Quicken Loans has ranked No. 1 in customer satisfaction four years in a row and tops the list now. Perception is that the online lender is a technology company, but Martin points to a very customer-oriented model. Customers can't walk into a Quicken, but they seem to like the service they get both online and on the phone.

Does anyone know of a class action lawsuit against Bank of America mortgage in Ohio?

I want to either file a class action suit or join one against BOA mortgage. If anyone knows of one or wants to be part of one please let me know.

No there is not.

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