First-mortgage originations declined 46% from this time last year.
And BAC isn't alone in this. Both JP Morgan and Wells Fargo reported declines in their mortgage businesses yesterday. Wells Fargo managed to crush earnings through cost-cutting measures.
JP Morgan, weighed down by legal costs, was unable to do the same, and posted slightly disappointing numbers despite its earnings beat.
This decline didn't come out of nowhere. The Federal Reserve's recent survey of loan officers showed weaker demand for loan origination in both prime and nontraditional mortgage loans, according to FactSet.