Bank of America Corp.’s mortgage- origination business, the largest in the U.S., is booming after the purchase of Countrywide Financial Corp. and as lower loan rates push a wave of refinancing, the unit’s chief said. “Volume is good, application quality is holding up and the acquisition of Countrywide is really paying off for us with the additional capacity,” Barbara Desoer, head of mortgage, home equity and insurance, said in a telephone interview yesterday. “Thank goodness we have it.” Desoer, 56, said the bank is seeking to make more “jumbo” mortgages, which can range from $417,000 in most areas to as much as $729,750. The company’s is offering “extremely competitive” rates on jumbo mortgages offered directly to consumers, she said.
By Jody Schenn, March 13, 09 Bloomberg.
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