Quarterly business sank, but monthly business increased and appears headed higher at Countrywide Financial Corp. As delinquency improved from the prior month, foreclosures rose.
First quarter residential originations totaled 222,445 loans for $115.0 billion, according to Countrywide's monthly summary released today. Fundings fell from $121.5 billion in the fourth quarter but rose from $105.5 billion a year earlier.
Home equity fundings were $10.5 billion during the latest quarter, while nonprime fundings amounted to $7.9 billion.
For just March, mortgage volume was $43.3 billion, up $9.0 billion from February, the statement said.
During the latest month, correspondent fundings were $18.8 billion, retail originations were $14.4 billion and wholesale volume was $8.2 billion. Nearly 40 percent of March's business was purchase money, while adjustable-rate loans made up $14.7 billion. Pay-option volume was $3.5 billion.
March's numbers included $4.0 billion in home equity loans, up from $3 billion the prior month, the Calabasas, Calif.-based company reported. Monthly nonprime fundings fell about $0.3 billion to $2.4 billion.
The lender's pipeline reportedly swelled to $69.4 billion in March from $63.9 billion the prior month.
Delinquency on Countrywide's massive $1.352 trillion servicing portfolio was 4.07 percent -- tumbling from 4.71 percent in February, according to the announcement. Foreclosures pending were 0.83 percent of the portfolio, climbing from 0.70 percent the prior month.
"While current market conditions are creating short-term volatility in our residential mortgage business, management believes the company is well-positioned to capitalize upon the longer-term opportunities that are being created as the marketplace rationalizes," Countrywide said.