Countrywide Financial Corp. saw its monthly originations fall.

Residential loan production was 210,915 loans for $40.5 billion in April, according to a monthly summary of operating statistics released today. Fundings were down from $43.3 billion in March but higher than $36.3 billion in April 2006.

Correspondent fundings were $18.3 billion during the most recent month, while in-house loan officers originated $13.6 billion and mortgage brokers generated $8.0 billion, Countrywide said.

Refinances accounted for 61 percent of April's fundings, the data indicate. Adjustable-rate production accounted for 28 percent of the month's volume.

Home equity fundings were reported at $3.5 billion, down $0.5 billion from March, while nonprime fundings were $1.7 billion, down from $2.4 billion.

The mortgage loan pipeline, an indication of upcoming volume, eased from the prior month to end April at $68.7 billion, the Calabasas, Calif.-based company reported.

Countrywide said it serviced 8.5 million loans for $1.371 trillion as of April 30. Delinquency on the massive servicing portfolio was 4.23 percent.

Commercial originations were $0.9 billion during April, the press release indicated. Year-to-date commercial mortgage fundings were $2.9 billion.