| The chief executive officer of Bank of America Corp. sees a robust mortgage origination market ahead but said the company is being very careful about which mortgages land on its balance sheet during these low-yield times.
Brian Moynihan is optimistic about the upcoming growth in residential loan production despite obstacles. “I mean, It’s a lot of work to get these many mortgages through the system with all the rules and work we have to do. And so we’re getting them through,” the BofA CEO said in a television interview. “We’ll do more mortgage originations this quarter, than we did last quarter, than we did the quarter before, than we did the quarter before. And we’re back to year-over-year growth after we got out of some correspondent business last year, wholesale business.” In the CNBC interview, Moynihan highlighted how ultra-low rates made possible by Federal Reserve policy, which is designed to help the economy, could create loans that could be in place for a long period. He noted that while investor returns are very low, he noted that the mortgage market is functioning well.
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Screenshot of Brian Moynihan
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