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Tag Archives: Profits

Revised Q2 GDP Shows Unexpected Strength

Second quarter growth was calculated at a seasonally adjusted annual 2.5 percent rate, a sharp increase from the 1.7 percent initially reported for gross domestic product (GDP), the broadest measure of the nation's economy, a month ago.

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Report: Production, Profits Up at Independent Mortgage Bankers

Production and profitability both increased among independent mortgage bankers last quarter, though commissions continue to decline, according to a quarterly trend report released by Richey May & Co. The quarterly benchmarking survey--put together using the company's Richey May Select analytical technology--shows overall production increased among independent mortgage banks by 11 percent from the first quarter to the second.

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Mortgage Banking Profits Decline at BofA Despite Rising Originations

Bank of America reported a major boost in profits for the second quarter despite a drop in mortgage banking income. According to its quarterly earnings report, BofA pulled in approximately $4.0 billion in Q2, an increase of 63 percent over the $2.5 billion recorded for Q2 2012. On the origination side, the bank funded $26.8 billion in residential home loans and home equity loans, up 7 percent over the first quarter and 41 percent over the same quarter last year.

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Commentary: Unintended Consequences

When Congress enacted Dodd-Frank in retribution for perceived ills, you had to know banks would come up with new ways to replace lost revenues, but bankers were too clever by half.

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