Bank of America (BofA) maintained its perch as the nation's largest residential servicer in the second quarter but its portfolio declined by 2% compared to the first quarter, a sign that the refinancing boom could be wreaking havoc on its ability to recapture its own customers.
According to exclusive survey figures collected by National Mortgage News, BofA ranked first at June 30 with $2.062 trillion in housing receivables.
Compared with the same period a year ago BofA's portfolio of home loans grew by 281% but most of that growth was due to its purchase of Countrywide Financial Corp., a deal that closed on July 1 of last year.
National Mortgage News also found that BoA's market share fell slightly, as did the share for Wells Fargo & Co. and the JPMorgan-owned Chase, the nation's No. 2 and No. 3 ranked servicers, respectively. Wells' servicing portfolio grew slightly from 1Q09 but Chase's declined.
For the full rankings and story see the Monday, Aug. 31 issue of National Mortgage News.