Monthly volume was nearly double the level a year ago, American Mortgage Network reported. But production is headed lower based on pipeline activity.
Fundings for the San Diego-based company were $1.5 billion in October, according to an announcement today. Originations were $764 million a year earlier.
But new applications were only $2.2 billion, the report said, off from $2.7 billion in September and an indication production will slow.
More than a third of October's originations were Alt-A, the AmNet Mortgage Inc.-subsidiary said. Total nonprime volume, including Alt-A, subprime, home equity and second mortgages, represented 45% of production.
The mortgage wholesaler noted it will be sold to Wachovia Corp. for $83 million.