Bank of America is actively selling mortgage servicing rights and becoming more selective in placing MSRs on its books, company officials said Tuesday morning.
During an earnings conference call a BofA executive said the banking giant is taking a "very close look at the types of activities we are originating and servicing," he said. “We will look to scale back that which we put on our books to service."
As reported exclusively by National Mortgage News late last week, BofA is offering for sale a $40 billion package of MSRs tied to Freddie Mac loans. To date, both the bank and Freddie have declined to comment on the sale.
At March 31, BofA serviced just over $2 trillion of one- to four-family mortgages, down 7% from the same period a year ago.