Business from its banking subsidiary and higher nonprime fundings fueled an increase in Countrywide Financial Corp.'s overall originations. But the news isn't so good for secondary originations.
Second quarter production was $116 billion, rising $13 billion from the prior quarter, according to data released by Countrywide today. During the same period last year, business was $4 billion higher.
For just June, production was 224,842 loans for $42.0 billion, rising from $38.6 billion the prior month, the announcement said. Volume was $47.3 billion a year prior.
Countrywide's own originators delivered $12.9 billion in business during June, while Countrywide Bank contributed $11.1 billion, the statement said. The bank's originations soared from $8.1 billion the prior month and $6.0 billion the prior year.
Mortgage brokers funded $7.5 billion in June through the wholesale division, and correspondent acquisitions were $7.9 billion, Countrywide reported. Correspondent business was way down from June 2005's $18.4 billion and has fallen each of the past three months.
Purchase-money loans and adjustable rate mortgages each accounted for just under half of June's volume, the report said.
Countrywide said home equity fundings were $4.3 billion, edging up from May. Subprime fundings were $4.1 billion, up $0.3 billion.
For the second quarter, nonprime fundings -- including home equity and subprime, were $23.7 billion, up from $20.2 billion during the prior quarter and $21.0 billion a year prior, according to the data.
At $65.0 billion, the June 30 loan pipeline was almost unchanged from the prior month, according to the Calabasas, Calif.-based behemoth.
Countrywide said it's servicing portfolio ended the latest period at $1.196 trillion.