Quarterly mortgage production was off by nearly a quarter at Accredited Home Lenders Holding Co.
First quarter fundings totaled $3.6 billion, falling from $4.7 billion the prior period, according to an announcement today. Volume, however, was $0.4 billion higher than a year ago and picked up during March.
Mortgage brokers originated $3.1 billion of the latest figures, while Accredited's own originators generated the rest, the San Diego-based nonprime lender reported. The weighted average coupon of first quarter fundings was 8.53%, while the weighted average credit score was 636.
The servicing portfolio reportedly reached $9.6 billion with a 30-day delinquency rate of 2.85% as of March 31.
Accredited said its cost to originate fell to 1.60% from 1.96% during the first quarter of 2005.
Net income for the latest period was $35.8 million, off $7.5 million from the fourth quarter, the statement said.
Noting that the latest volume was seasonal and anticipated, Chairman and CEO James Konrath referred to the period as "another solid quarter of earnings and cost discipline."
Konrath said a number of competitors lowered rates even though the cost of their funds was increasing.
Employee count at Accredited was 2,626 at the end of the period, down 136 employees from the end of 2005.