Quarterly mortgage production edged to a record high at American Home Mortgage Investment Corp.
Residential volume was $15.5 billion during the 4th quarter 2006 breaking the previous record of $15.3 billion set in the third quarter, the Melville, N.Y.-based company reported. In the fourth quarter 2005, fundings amounted to $13.6 billion.
Refinance transactions reportedly accounted for 60 percent of the quarter's production and adjustable-rate mortgages represented 51 percent.
In all of 2006, volume jumped to $58.9 billion -- the highest level in American Home's history -- from the previous year's level of $45.3 billion, according to the announcement.
The real estate investment trust reported its mortgage market share reached a milestone 2.48 percent in last year's fourth quarter,
The reported $46.3 billion loan servicing portfolio at yearend had a weighted average note rate of 7.08 percent.
While the servicing portfolio produced record revenues, the fourth quarter held the highest delinquency-related charges to date, which reduced quarterly earnings, American Home said.
Announced net earnings of $64.7 million in the fourth quarter fell 10.2 percent from the previous three-month period.