Bloomberg: BofA Wants More Jumbos

Posted by Orb Staff on March 13, 2009 No Comments
Categories : Residential Mortgage

‘Volume is good’ and ‘application quality is holding up’ following Bank of America's acquisition of Countrywide, according to Barbara Desoer, who heads BofA's mortgage, home equity and insurance division.

Furthermore, Bank of America is looking to increase its jumbo mortgage originations, Desoer has told Bloomberg News.

‘Bank of America has balance-sheet capacity, and we've allocated it to jumbos, given our presence in some of the states and regions where that's important," she said. "We're very much open for business."

The business opportunity is a result of Bank of America's pick up of Merrill Lynch and, specifically, Merrill Lynch's "mass-affluent" customers, Desoer said. Jumbos range in price from $417,000 to as much as $729,750, and Desoer told Bloomberg that its rates on jumbos are "extremely competitive."

Bank of America posted a profit in January and February, the article notes.

SOURCE: Bloomberg News

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