Quarterly volume tumbled at Countrywide Financial Corp., but monthly production increased.
The Calabasas, Calif.-based mortgage banker reported $39.8 billion in originations during March, up from $30.9 billion the prior month.
Correspondent volume represented $14.3 billion of March's numbers, followed by $12.2 billion in consumer production and $7.6 billion in broker business. The rest was originated from capital markets and Countrywide Bank.
Countrywide said purchases made up 46% of March production, while adjustable-rate mortgages accounted for 48%. Option ARM represented $7.2 billion of March's numbers and interest-only originations were $8.3 billion.
Home equity originations were $4.2 billion, up from $3.4 billion in February, the statement said. Nonprime fundings were $3.3 billion -- up $0.5 billion.
For the first quarter, fundings totaled $103.3 billion, down $29.7 billion from the fourth quarter, according to an announcement today. Compared to a year ago, however, business is $11.8 billion better.
At quarter's end, Countrywide said loan applications in process were $64.2 billion, higher than $59.3 billion at the end of February.
The servicing portfolio was reported at $1.2 trillion as of March 31. Delinquency tumbled to 3.68% from 4.29% the prior month.