Residential and subprime volume improved at Countrywide Financial Corp. while home equity business and delinquency worsened.
Residential fundings were 233,282 loans for $44.4 billion during May, according to the Calabasas, Calif.-based company's operational results announced today. In April, originations were $40.5 billion, while fundings were $38.7 billion in May 2006.
As of May 31, Countrywide's residential pipeline was $69.7 billion, up slightly from the prior month.
Correspondent acquisitions accounted for $20.8 billion of May's activity, while retail fundings were $14.4 billion and broker business was $8.1 billion, the report indicated. Purchase money mortgages represented 42 percent of the latest month's numbers.
May's home equity originations were $3.4 billion, off slightly from $3.5 billion a month earlier, Countrywide said. Nonprime fundings totaled $2.2 billion, climbing from $1.7 billion in April.
The mortgage banking behemoth's massive residential servicing portfolio was reported at 8.6 million loans for $1.393 trillion -- rising from $1.371 trillion as of April 30. Delinquency, based on the unpaid balances, was 4.44 percent, increasing from 4.23 percent a month earlier. Foreclosures were 0.90 percent, rising from 0.85 percent.
Commercial mortgage production was 170 units for $1.2 billion last month, rising from $0.9 billion during April, the press release indicated. The commercial loan pipeline was $2.3 billion on May 31, falling $0.5 billion from a month earlier.