Quarterly production fell 24% at the mortgage operating arm of Cendant Corp.
According to its financial statements, Cendant closed $11.3 billion in mortgage loans during the first quarter, representing a downturn from $14.9 billion in the first quarter. In first quarter last year, the total was $17.8 billion.
The latest volume consisted of $7.2 billion in mortgage production loans closed to be securitized and $4.1 in other production loans closed, the New York-headquartered company said.
The average servicing loan portfolio ended the quarter at $113.2 billion, up 15% from a year earlier, according to the report.
The parent company of Century 21, Coldwell Banker, and ERA, said its first quarter net income totaled $441 million.