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Mortgage lending took a leap at a company heavily associated with real estate, according to its announcement of earnings.
Real estate franchise behemoth Cendant Corporation reported that mortgage production at its real estate services segment reached $23 billion during the second quarter. Production consisted of loans to be securitized at $17.0 billion and other loans at $6.3 billion.
During the prior quarter, Cendant said its production was $18 billion, and a year ago, production was reported at $12.4 billion.
The New York company reported loan sales of $16.3 billion for the quarter.
The average servicing loan portfolio was reported at almost $120 billion.
The holdings of Cendant, which says it is "the world's largest real estate brokerage franchisor," include Century 21®, Coldwell Banker®, and Coldwell Banker Commercial®.
Net income for the parent company was $382 million, the announcement said.
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