Year-over-year, Bank of America posted an 18 percent increase in mortgage originations to $21 billion, the AP reported. However, the bank’s mortgage unit still lost money by working through mortgages issued before the onset of the housing crisis. Refinancing accounted for the bulk of mortgage growth in the third quarter — 83 percent for the bank. As The Real Deal reported today, mortgage applications in general decreased 4.2 percent during the week of Oct. 12. [more]
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