Monthly fundings fell again at Countrywide Financial Corp. But a bigger loan pipeline indicates an increase may be forthcoming.
February production was $30.9 billion, off $1.7 billion from January and the second consecutive monthly decline, according to an announcement today. Originations were, however, 15% better than one year prior.
Loans in process were $59.3 billion at February's end, up from $57.4 billion the prior month, the Calabasas, Calif.-based company reported.
About one-third of last month's volume was acquired through correspondent lending, while consumer lender accounted for 31%, the statement said. Wholesale lending represented 18% of February's fundings and the rest came from Capital Markets and Countrywide Bank.
Countrywide reported purchases accounted for 44% of the latest month's activity, while adjustable rates were used on just over half of the loans.
Home equity production was $3.4 billion, almost unchanged from January, the announcement said. Nonprime fundings, however, fell $0.2 billion to $2.8 billion.
Countrywide said its servicing portfolio ended February at $1.14 trillion and consisted of 7.5 million loans. Delinquency tumbled 13 basis points from the prior month to 4.29% and foreclosures pending edged up to 0.47%.