An increase in real estate purchase fundings drove total monthly production up at Countrywide Financial Corp.
Originations were $39 billion during May, according to a monthly summary from the Calabasas, Calif.-based lender, 12% higher than the prior month and 22% higher than a year ago.
Purchase production was $20 billion -- fueling an overall increase, the announcement said. Adjustable rate loans represented 56% of the month's business -- well above the industrywide ARM share of one-third.
Home equity fundings accounted for $3.7 billion, Countrywide reported, and nonprime fundings were $3.3 billion.
Total year-to-date volume through May was $165 billion, the mortgage banking behemoth said, and the pipeline ended the period at $70.5 billion -- seven percent higher than April.
The servicing portfolio was reported at $937 billion -- 33% higher than a year ago.