The bank’s changes may increase the number of mortgages made in the fourth quarter over the year earlier. Perhaps driving the masses now seeking mortgages is higher consumer confidence and the recovering housing market. As house values start to increase, many consumers may find it an opportune time to buy in on houses that could be worth more down the road, taking out mortgages to make the initial investment.
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Bank of America has an opportunity in the recovering-confidence, recovering-housing market. In Q4 last year, the bank made $21.6 billion in first mortgages, and it is expected to make even more in Q4 this year.
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