Business is strong at American Home Mortgage Investment Corp.
Second quarter fundings were $14.9 billion, climbing from $13.2 billion during the first quarter, according to an announcement today. Loan volume was $4.1 billion better that a year prior.
"Our production business experienced record originations, record market share, a strong gain-on-sale margin and improved warehouse income," said CEO Michael Strauss in the statement.
Strauss said they retained $1.2 billion of the latest fundings for their investment portfolio -- an ongoing strategy. About half the loans they retain have mortgage insurance, he added.
Just over half of the latest period's production was refinance, while adjustable-rate mortgages accounted for 55 percent of originations, the Melville, N.Y.-based company reported.
The $39.1 billion servicing portfolio included $32.6 billion in "loans sold or securitized," the announcement said. The portfolio's weighted average note rate stood at 6.38 percent at quarter's end.
American Home reported second quarter earnings of $72.4 million, up one-third over the prior period.