Production and servicing both reached milestones at mortgage banking behemoth Countrywide Financial Corp.
The mortgage servicing portfolio was $1.0 trillion as of the end of August, according to an announcement today, its highest level ever and the first time it topped the trillion dollar mark.
Residential production during August was $53.1 billion, the Calabasas, Calif.-based lender reported, up from $44.1 billion during July and $31.1 billion a year ago.
Correspondent fundings accounted for the biggest slice of August originations at $22.7 billion, Countrywide said, while consumer fundings were $14.5 billion and broker business was $8.3 billion. The remaining production came from Capital Markets and Countrywide Bank.
Just over half of volume was for non-purchase loans, according to the report, while just under half was for purchase.
Home equity fundings were $4.1 billion, Countrywide reported, and nonprime fundings were $4.5 billion.
Adjustable rate originations accounted for 51% of activity, the company said.
The loan pipeline at the end of August was $78.1 billion, according to the report, edging up from $77.0 billion in July.
Countrywide preceded the monthly data with a statement from Chairman and CEO Angelo Mozilo about Hurricane Katrina.
"The Company's hurricane losses in 2004 were approximately $70 million, and expectations are that the financial impact of Hurricane Katrina will exceed that amount," Mozilo said. "We are continuing to focus on assisting our customers and employees as they deal with the hurricane's aftermath."