While quarterly loan volume surged for American Home Mortgage Investment Corp., the company projects lower production in the remaining half of the year.
The Melville, N.Y.-based company announced second quarter loan originations of $6.6 billion -- a 50% jump from its production in the previous quarter. The total is also above the $6.2 billion in the second quarter last year.
Refinances accounted for 52% of the latest volume, while ARM production accounted for 49%, the report said.
American Home's outlook for the year is that "mortgage originations will fall throughout the second half with a consequent reduction in loan production income," according to the announcement.
The real estate investment trust reported its loan servicing portfolio, including warehouse, totaled $11.6 billion at the second quarter's end, increasing 30% over the last 12 months.
Loans securitized and held reportedly totaled $1.5 billion and loans sold to third parties amounted to $4.2 billion. The loan servicing portfolio for loans sold or securitized was reported at $10.2 billion.
The weighted average note rate on the portfolios was 5.39%, compared to 6.46% a year ago, the New York company said.
American Home announced Wednesday it will acquire certain home lending subsidiaries of Washington Mutual Inc. in August.