2007-12-13thetruthaboutmortgage.com

The Charlotte-based bank’s mortgage group originated $119 billion in first mortgages and home equity loans via the retail channel for the first nine months of 2007, beating out both Wells Fargo and Countrywide.

...

The No Fee Mortgage PLUS loan program launched in April of this year played a key role in guiding the bank to the top spot.

"No Fee Mortgage PLUS" was a shrewd move by Bank of America -- borrowers want simplicity now more than ever, and making loans look cheaper by hiding costs in yield likely didn't hurt either. I guess the question now is whether these originations turn out to be of markedly higher quality than the rest of the late-2006/early-2007 garbage that is causing all the market problems...



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