The bank was one of only two among the top 10 banks that saw an increase in its origination market share in the first quarter, according to a report from JPMorgan analyst Vivek Juneja. The bank saw mortgage originations rise 57% year over year to $23.9 billion in the first quarter, according to the report, giving it an estimated market share of 5%. That is up from a market share of 4.2% in the fourth quarter.
The only other big bank to expand share was JPMorgan Chase (JPM), which saw its share tick up to 10.9%.
(WFC) continues to dominate the business, though it is giving up share quite quickly. Its estimated market share has dropped from 35% in the first quarter of 2012 to 22% in 2013, according to Juneja. Wells Fargo has been decreasing its presence in the correspondent lending business.
More than 90% of Bank of America's originations in the first quarter came from refinancing. The bank said during its analyst call that it expects no slowdown in the pipeline and that it continues to expand hiring to keep pace with volumes.
Morgan Stanley analyst Betsy Graseck earlier this week upgraded the bank to overweight, arguing that it is in for a major earnings rebound. "We see an earnings inflection point based on the convergence of visible cost cutting, rising
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV