Accredited Home Lenders Holding Co. reported record quarterly production.
During the second quarter, the nonprime lender's milestone originations of $4.1 billion climbed above the prior quarter's $3.2 billion and from $3.4 billion a year ago, according to Accredited's earnings release Tuesday.
Wholesale originations reportedly represented 91% of the latest volume, while the rest was retail production.
The San Diego-based company said it sold $2.8 billion in loans on a wholesale basis and securitized $1 billion.
The 30+ day delinquency rate on Accredited's $8.3 billion servicing portfolio at June 30, 2005, was 1.79%, up seven basis points from the first quarter.
Accredited CEO James Konrath said he was pleased that second quarter net income of $39.6 million "remained on target, despite aggressive pricing throughout the nonprime mortgage industry." The cost to originate loans, however, was the lowest in the company's history.