Revenue of $7.5 billion increased $96 million from the year-ago quarter, driven by higher net interest income. The provision for credit losses decreased $651 million from the year-ago quarter to $427 million, reflecting continued improvement in credit quality. Noninterest expense decreased $132 million from the year-ago quarter to $4.0 billion, primarily due to lower personnel expense and lower FDIC expense, partially offset by higher litigation expense.
Consumer Real Estate Services (CRES)
|Three Months Ended||Year Ended|
|(Dollars in millions)||December 31 2013||December 312012||December 31 2013||December 312012|
|Total revenue, net of interest expense, FTE basis||$||1,712||$||475||$||7,716||$||8,751|
|Provision for credit losses||(474||)||485||(156||)||1,442|
|Average loans and leases||89,687||96,605||90,278||103,524|
|Loans and leases||$||89,753||$||94,660|
- Bank of America funded $13.5 billion in residential home loans and home equity loans during the fourth quarter of 2013, helping nearly 50,000 homeowners either refinance an existing mortgage or purchase a home through our retail channels. This included nearly 4,200 first-time homebuyer mortgages and more than 17,000 mortgages to low- and moderate-income borrowers.
- Approximately 68 percent of funded first mortgages were refinances and 32 percent were for home purchases.
- The number of 60+ days delinquent first-mortgage loans serviced by LAS declined 18 percent during the fourth quarter of 2013 to 325,000 loans from 398,000 loans at the end of the third quarter of 2013, and declined 58 percent from 773,000 loans at the end of the fourth quarter of 2012.
Financial OverviewConsumer Real Estate Services reported a net loss of $1.1 billion for the fourth quarter of 2013, compared to a net loss of $3.7 billion for the same period in 2012. The year-ago quarter included the settlements with the Federal National Mortgage Association (Fannie Mae) to resolve outstanding and potential repurchase and certain other claims and $1.1 billion of expense related to the IFR acceleration agreement.