Monthly fundings fell at Countrywide Financial Corp.
July residential production was $35.7 billion, falling from $42.0 billion the prior month, according to operational data released today. During the same month a year ago, originations were $44.1 billion.
Correspondent business was $14.0 billion, while direct lending originated $13.0 billion, the Calabasas, Calif.-based company reported. Wholesale lending accounted for $7.8 billion.
By purpose, purchases accounted for $17.2 billion and non-purchases were $18.5 billion, Countrywide said. Adjustable-rate mortgages were $16.9 billion.
Countrywide funded $3.8 billion in home equity loans, down from $4.3 billion the prior month, according to the report. Nonprime fundings were $3.4 billion, down from $4.1 billion in May.
The loans in process at monthend amounted to $62.2 billion, off from $65.0 billion in June, the announcement said.
At the end of July, Countrywide said it serviced 7.8 million loans for $1.21 trillion. Delinquency stood at 4.11%.