Bank of America Corp will likely make more mortgage loans in the fourth quarter of this year than in the same period a year ago as it focuses on lending directly to consumers, Bank of America CEO Brian Moynihan said on Tuesday.
The second-largest U.S. bank by assets has been streamlining its mortgage processes to keep up with high volume, Moynihan said at an investor conference in New York.
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"We are not doing the job we need to do on mortgage yet," Moynihan said. "We know that."
In the fourth quarter of 2011, the bank made $21.6 billion in first mortgages after exiting the business of buying loans from other banks and mortgage companies.
(Reporting By Rick Rothacker in Charlotte, N.C., editing by Nick Zieminski)