Despite criticism from Florida’s attorney general over mortgage settlement practices, Bank of America is strengthening its foothold on the market, Bloomberg reported.
The lender boosted home-loan volume 57 percent in the year through March by selling more products to existing customers, chief financial officer Bruce Thompson said today. Its cut of the U.S. mortgage market fell below 4 percent after it shut a business that bought loans marketed by third-party firms, he said.
“We’ve been building that back up and expect to be in the 5 percent area as we exit the second quarter and look to continue to grow from that,” Thompson said in the report. “That share gain is coming on getting what we believe is our fair share back.”
Attorney General Pam Bondi wrote in a five-page letter last week to the bank claiming it may not be fully complying with the terms of last year’s nationwide, five-bank mortgage settlement, as previously reported. She accused it of failing to do the following: maintain a single point of contact, comply with the settlement’s dual tracking restrictions, comply with certain timing requirements and oversee foreclosure counsel, the publication said. [Bloomberg] – Mark Maurer