The nation's largest mortgage lender saw its monthly mortgage production increase.
Residential fundings during May were 209,102 loans for $38.6 billion, Countrywide Financial Corp. announced today. The latest month was $2.6 billion better than the previous month but almost unchanged from a year prior.
Loans in process were $65.5 billion as of May 31, up nearly $2 billion from a month earlier and "suggesting continued near- term strength in production volume," Chief Operating Officer Stanford L. Kurland said in the statement.
Direct lending accounted for $12.8 billion of last month's production, while correspondent lending and broker business represented $8.2 billion and $7.5 billion, respectively, the Calabasas, Calif.-based company reported. Capital markets and Countrywide Bank originated the rest.
Over 47 percent of May production was for home purchases, according to Countrywide, which originated more mortgages during the first quarter than any other mortgage banker covered by MortgageDaily.com. About half of the loans closed during the latest month were adjustable rate.
Countrywide said home equity fundings were $4.2 billion, up from $3.9 billion in April, while nonprime business was $3.8 billion, about $0.5 billion better.
The mortgage banker's servicing portfolio was reported at $1.18 trillion.