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Stock Market & Financial Investment News

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February 4, 2013
07:39 EDTWFC, JPM, USB, BACBank of America takes new mortgage course, WSJ reports
Bank of America (BAC) has cut back its mortgage business, but is still making a lot of money from it, reports the Wall Street Journal's. In the fourth quarter of 2012, BofA originated about $22B, about a third of what it produced in Q1 of 2011. The bank's gain-on-sale margin, or the revenue it books divided by the value of mortgages originated, was 4.33%, compared with about 2.85% at J.P. Morgan Chase (JPM), 2.56% at Wells Fargo (WFC) and about 2.13% at U.S. Bancorp (USB). The trouble is, BofA may be hard-pressed to sustain this performance, especially if interest rates on government bonds continue to rise. That will put more pressure on the bank to boost its share of the mortgage market so that it can maintain this revenue source, the Journal says. Reference Link
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