The mortgage segment of Cendant Corp. saw its quarterly production jump more than half. The report comes on the heels of another announcement about the sale of the unit.
Cendant Corp. released its earnings report today, which indicated mortgage production was $17.6 billion during the second quarter. Compared to the first quarter, production was up 56%, but compared to the 2nd quarter 2003, production was off nearly a quarter.
The New York-based franchise conglomerate reported an average servicing portfolio of $136.2 billion, up 14% from the prior year.
"Revenue declined as expected due to lower mortgage refinancing volumes," the company said in the announcement.
Earlier this week, Cendant announced it was in discussions to sell its mortgage business. The company expects such a transaction would net the company up to $1 billion. That transaction is still subject to due diligence, among other things.
MortgageDaily.com reported in March the possibility of Countrywide Financial acquiring Cendant's mortgage operations. Both companies kept mum at that point.