{"id":59688,"date":"2025-04-16T03:00:36","date_gmt":"2025-04-16T01:00:36","guid":{"rendered":"https:\/\/housesmarketplace.com\/bofa-citi-warn-of-slower-growth-ahead-as-mortgage-business-softens\/"},"modified":"2025-04-16T03:00:36","modified_gmt":"2025-04-16T01:00:36","slug":"bofa-citi-warn-of-slower-growth-ahead-as-mortgage-business-softens","status":"publish","type":"post","link":"https:\/\/housesmarketplace.trio-tv.com\/ru\/bofa-citi-warn-of-slower-growth-ahead-as-mortgage-business-softens\/","title":{"rendered":"BofA \u0438 Citi \u043f\u0440\u0435\u0434\u0443\u043f\u0440\u0435\u0436\u0434\u0430\u044e\u0442 \u043e \u0437\u0430\u043c\u0435\u0434\u043b\u0435\u043d\u0438\u0438 \u0440\u043e\u0441\u0442\u0430 \u0432 \u0431\u0443\u0434\u0443\u0449\u0435\u043c \u0438\u0437-\u0437\u0430 \u0441\u043f\u0430\u0434\u0430 \u0438\u043f\u043e\u0442\u0435\u0447\u043d\u043e\u0433\u043e \u0431\u0438\u0437\u043d\u0435\u0441\u0430"},"content":{"rendered":"
\n

Bank of America<\/strong> (BofA) and Citi<\/strong> reported declining mortgage production in the first quarter of 2025 compared to the previous quarter, following similar results<\/a> from peers Wells Fargo <\/strong>and JPMorgan Chase<\/strong> last week.<\/p>\n

Mortgage volumes at BofA and Citi, which were attributed to seasonal trends and rising interest rates, are expected to remain challenged in the coming quarters due to ongoing trade tensions<\/a> and broader macroeconomic uncertainty.<\/p>\n

Bank of America<\/a> chair and CEO Brian Moynihan said in a statement that the bank\u2019s clients \u201chave been performing well, consumers have shown resilience, continuing to spend and maintaining healthy credit quality.\u201d But he added that \u201c[we] potentially face a changing economy in the future.\u201d<\/p>\n

Speaking to analysts, Moynihan also said that \u201cthere\u2019s a lot that could potentially change given the uncertainty around the tariffs<\/a> and other policies in the future path of the economy. However, the bank\u2019s research team does not currently believe we\u2019ll see a recession<\/a> in 2025.<\/p>\n

\u201cThey\u2019ve lowered their GDP growth rates for 2025 and continue to see no rate cuts during \u201925, but expect as inflation<\/a> gets under control, you may see them in the future, i.e., in 2026.\u201d<\/p>\n

From January to March, BofA funded $4.5 billion in first-lien mortgages \u2014 a 31.5% decline from $6.5 billion in Q4 2024 but up 30.9% from $3.4 billion in first quarter of last year. In the home equity space<\/a>, BofA originated $2.2 billion in Q1 2025, down slightly from $2.3 billion in Q4 2024 and up from $1.9 billion in Q1 2024.<\/p>\n

Chief financial officer Alastair Borthwick said that BofA purchased an $8 billion portfolio of residential mortgages during the first quarter, an investment that is \u201chigh in quality\u201d and expands \u201crelationships with customers beyond those mortgage loans.\u201d\u00a0<\/p>\n

\u201cWe expect these loans to add just over $100 million in NII (net interest income) annually,\u201d Borthwick said.<\/p>\n

As of March 31, BofA\u2019s total mortgage-backed securities portfolio had a fair market value of $81 billion, up from $76.4 billion at year-end 2024.<\/p>\n

Similar trends<\/h2>\n

Citi<\/a> originated $3 billion in Q1 2025, down 33% quarter over quarter and 10% year over year. On Friday, JPMorgan reported Q1 mortgage volume of $9.4 billion, down 22% from the prior quarter but up 42% year over year. At Wells Fargo, volume dropped to $4.4 billion in Q1, a 25% quarterly decline but still up 26% annually.<\/p>\n

Nonbank mortgage lenders \u2014 including Rocket Mortgage<\/strong><\/a>, United Wholesale Mortgage<\/strong><\/a>, loanDepot<\/strong><\/a>, Pennymac<\/strong><\/a>, <\/strong>Newrez<\/strong><\/a> and Mr. Cooper<\/strong><\/a> \u2014 are expected to release their Q1 earnings in the coming weeks.\u00a0<\/p>\n

Since the 2008 financial crisis, depository institutions have faced mounting regulatory pressure, which has affected mortgage earnings. While the current trade war introduces new uncertainties, some banks believe that a deregulatory agenda could offer potential relief.<\/p>\n

\u201cThe world is in a wait-and-see mode and is facing a more negative macro outlook than anyone had anticipated at the beginning of the year \u2014 and we know that prolonged uncertainty generally hurts confidence,\u201d Citi CEO Jane Fraser told analysts.<\/p>\n

\u201cThe changes underway globally<\/a> will go beyond trade and tariffs. In the U.S., for example, regulation and tax policy are all likely to look different in a year\u2019s time,\u201d Fraser added.\u00a0<\/p>\n

According to Fraser, Citi welcomes \u201cchanges being discussed in our own industry to place more focus on material financial risks and to make it easier for banks to contribute to economic growth and to improve client service.\u201d<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Bank of America (BofA) and Citi reported declining mortgage production in the first quarter of 2025 compared to the previous quarter, following similar results from peers Wells Fargo and JPMorgan Chase last week. Mortgage volumes at BofA and Citi, which were attributed to seasonal trends and rising interest rates, are expected to remain challenged in […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-59688","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"\nBofA, Citi warn of slower growth ahead as mortgage business softens - Houses Marketplace<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/housesmarketplace.trio-tv.com\/ru\/bofa-citi-warn-of-slower-growth-ahead-as-mortgage-business-softens\/\" \/>\n<meta property=\"og:locale\" content=\"ru_RU\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BofA, Citi warn of slower growth ahead as mortgage business softens - Houses Marketplace\" \/>\n<meta property=\"og:description\" content=\"Bank of America (BofA) and Citi reported declining mortgage production in the first quarter of 2025 compared to the previous quarter, following similar results from peers Wells Fargo and JPMorgan Chase last week. 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