Monthly production turned higher at Countrywide Financial Corp.
After falling in July, fundings increased 12 percent during August to $40.2 billion, Countrywide said in an operational data announcement today. The volume, however, is 24 percent below the level a year ago.
Purchase loans reportedly accounted for $19 billion of August's fundings, the Calabasas, Calif.-based lender reported. Adjustable-rate mortgages amounted to $18 billion.
Correspondent loan originations accounted for over $16 billion of the latest volume, consumer markets loans added $14 billion, brokers contributed over $8 billion and the remainder came from capital markets, the report said.
Home equity fundings added up to $4.1 billion and nonprime originations to $3.7 billion, according to the announcement. The figures are better than July, when Countrywide funded $3.8 billion in home equity loans and $3.4 billion in nonprime mortgages.
The $64.1 billion pipeline of mortgage loans reportedly ended August higher than in the prior month.
Countrywide said its serviced about 7.9 million loans totaling $1.2 trillion.