Residential originations declined for the second month at Countrywide Financial Corp. But a swelling pipeline indicates originations may improve.
February fundings totaled 177,806 loans for $34.6 billion, falling from $37.1 billion the prior month, according to a monthly operating summary from the Calabasas, Calif.-based company. A year earlier, residential production was $31.3 billion.
Home equity volume was $3.0 billion, down $0.6 billion from January, the report said. Subprime business was $2.6 billion, off $0.3 billion from the previous month.
Purchase and adjustable-rate originations each accounted for 37 percent of the latest month's activity, the mortgage banking giant said.
Countrywide reported its correspondent production was $14.9 billion, while its own retail originators generated $12.0 billion and mortgage brokers funded $6.9 billion.
The pipeline of loans in process -- a gauge for future fundings, ended February at $63.9 billion, jumping more than $5 billion from the prior month, according to the announcement.
The mortgage servicing portfolio ended the latest month at 8.3 million loans for $1.332 trillion -- just shy of Wells Fargo & Co.'s reported $1.385 trillion at yearend. Delinquency on Countrywide's massive portfolio was 4.71 percent.