Led by a decline in nonprime, monthly loan production tumbled at the nation's largest mortgage banker.
January volume of $32.6 billion was 26% less than the prior month, according to an announcement today from Countrywide Financial Corp. A year ago, fundings were $28.2 billion.
The number of loans closed during the latest period was 178,634, the report said.
The Calabasas, Calif.-based company said its mortgage loan pipeline, an indication of future fundings, fell more than $2 billion to $57.4 billion as of Jan. 31.
Correspondent lending accounted for $12.8 billion of January's production, according to the report, while consumer markets and wholesale lending generated $9.1 billion and $5.6 billion, respectively. Countrywide Bank, Capital Markets and Countrywide Bank Investment Portfolio generated the rest of the company's originations.
Purchase mortgage transactions accounted for 44% of reported volume, and adjustable rates were used on just over half of the loans. Option ARM production was $6.8 billion, the report said, and interest-only originations were $6.9 billion.
Countrywide said its home equity fundings were $3.5 billion, off $0.5 billion from December. Nonprime fundings of $3.0 billion reportedly tumbled 30% during the period.
Delinquency on the $1.1 trillion portfolio was 4.42%, according to Countrywide -- the mortgage lender with the highest production last year according to data collected by MortgageDaily.com.