Quarterly production shrunk by nearly half for the mortgage subsidiary of a company that holds the national franchise of some the country's biggest names in real estate.
Cendant Mortgage closed $14.9 billion in loans during the fourth quarter, sinking from the prior quarter's $27.6 billion, reported parent company Cendant Corp. In the fourth quarter of 2002, volume stood at $19.2 billion.
Loans to be securitized contributed $10.0 billion of the total volume, while other production loans closed made up the rest, according to the report.
The average servicing portfolio of $130.8 billion at the fourth quarter's end rose 17% above the size at the end of 2002, said the parent company.
New York-headquartered Cendant Corp., which owns the national franchise real estate firms of Coldwell Banker, ERA and Century 21, also announced record fourth quarter earnings per share of $0.28, versus $0.24 in the same period a year earlier. Full year 2003 earnings per share of $1.41 also set a record, increasing 40% from the previous year.