Countrywide Financial Corp. started the second quarter with lower monthly production, though its nonprime numbers held up.
Residential mortgage fundings were 195,150 loans for $36.0 billion during April, off from $39.8 billion the prior month, the Calabasas, Calif.-based company reported today. The latest figures, however, are better than the $34.4 billion announced for April 2005.
May originations don't appear to be headed higher either, as April's mortgage pipeline of $63.7 billion was off about $0.5 billion from March, the statement said.
Direct lending accounted for 32% of Countrywide's reported volume last month, while secondary marketing transactions made up 30% and brokers supplied 19%. The rest was originated by capital markets and Countrywide Bank.
Purchase-money business made up 46% of the month's transactions, Countrywide said, while adjustable-rate mortgages represented 48%.
Home equity fundings were off $0.3 billion from March to $3.9 billion, while nonprime fundings held steady at $3.3 billion, according to the announcement.
As of April 30, Countrywide reportedly serviced 7.6 million mortgages totaling $1,164 billion.