Annual fundings were off by over a third for the recently divested mortgage and fleet operation of Cendant Corp.
In its latest earning release, Cendant said nearly $11.0 billion in loans were closed during the fourth quarter -- off $1.7 billion from the third quarter.
Full-year 2004 volume of $52.6 billion reportedly fell from the prior year's $83.8 billion.
The average servicing loan portfolio at the fourth quarter's end was $142.3 billion, up 9% from a year earlier, the New York-based company reported.
The franchise conglomerate announced last week it completed the spinoff of the mortgage and fleet operations of PHH Corp. to its shareholders as common stock. The company said it will continue to earn from PHH's origination of mortgages through a venture in which it will refer customers from its real estate brokerage and relocation business.
The company announced annual net income of $2.1 billion improved from $1.2 billion in 2003.