A California-based subprime lender reported a new quarter record for mortgage origination, beating their previous quarter's record by 31 percent.
Accredited Home Lenders Holding Co., in its second quarterly earnings statement for 2003 reported $1.9 billion in mortgage originations. The subprime lender said that this figure is the highest quarterly origination total in its 13-year history and is 99 percent higher than the same quarter 2002.
The mortgage servicing portfolio of $2.8 billion was also 99 percent higher than this time last year, the company said.
According to the earnings statement, 89 percent of originations were wholesale; 11 percent retail.
Accredited said that delinquent loans, defined as those 30 days or more past due or in foreclosure, were 2.2 percent of the serviced portfolio as of June 30. This number compares to 2.7 percent at the end of 2002 and 4.1 percent a year ago.