Countrywide Financial Corp. finished the year with less production than the prior year.
The Calabasas, Calif.-based lender announced December loan fundings of $35 billion, marking a $4 billion increase from the previous month.
Fourth quarter production of $95 billion was reportedly 4% higher than the third quarter.
Fundings for all of 2004, reported at $363 billion, were the second highest in the company's history -- as they did not manage to surpass the record $435 billion reported in 2003.
Home equity loan fundings were $3.1 billion during December, Countrywide said, while subprime production was $4.3 billion -- each up from $3 billion in November.
Purchase money mortgages made up 48% of total December fundings, according to the announcement, about the same share as the prior month.
ARMs accounted for 53% of production, Countrywide reported.
Countrywide noted that its annual production decline is in line with the expected volume fallout from 2003's record levels for the industry.
The correspondent lending division contributed $13.1 billion to December's volume, while consumer markets originated $10.4 billion and the wholesale division aggregated $7.0 billion, according to the announcement. Treasury Bank and Capital Markets volume accounted for the remaining portion.
The company, which recently announced it was named the nation's largest originator and servicer, said its servicing portfolio ended the year at $838 billion -- almost $200 billion above December 2003.
Delinquency on the massive portfolio was reported at 3.83%, while foreclosures pending stood at 0.42%.