Quarterly residential production surged at Countrywide Financial Corp., though nonprime numbers dropped. Delinquency was up for the third consecutive month.
Second quarter fundings totaled $130.2 billion, the Calabasas, Calif.-based company reported today. Fundings climbed from $115.0 billion during the first quarter and $116.0 billion a year earlier.
Subprime production during the latest quarter was $5.7 billion, falling from $7.9 billion in the first quarter, Countrywide said. Second quarter home equity fundings were $10.6 billion, up slightly from $10.5 billion the prior period.
"Market conditions became increasingly challenging throughout the second quarter of 2007," Countrywide's President and Chief Operating Officer David Sambol said in the announcement.
For just June, the mortgage giant reportedly funded 240,777 residential loans for $45.3 billion, up $0.9 billion from May. Subprime represented $1.9 billion of the month's figures while home equity production was $3.7 billion.
By origination channel, correspondent fundings accounted for $21.9 billion of June's total, while in-house loan officers originated $14.0 billion and mortgage brokers generated $7.4 billion, the report indicated.
Purchases made up $20.7 billion of the latest month's numbers, while adjustable-rate mortgages made up $12.6 billion, the company reported.
Countrywide's pipeline ended the month at $68.5 billion, edging down from $69.7 billion in May.
The company said its servicing portfolio ended the latest quarter at 8.7 million mortgages for $1.416 trillion. Portfolio delinquency, which has risen each month since March, was 4.77 percent on a dollar basis, jumping from 4.44 percent in May.
Countrywide reported commercial mortgage fundings of 137 loans for $0.8 billion during June, off from $1.2 billion in May.
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