Quarterly fundings fell at Countrywide Financial Corp.
Third quarter residential originations were $113.7 billion, off from $116.0 billion the prior quarter, the Calabasas, Calif.-based giant reported. Compared to a year prior, fundings were down nearly a quarter.
For just September, residential fundings totaled 204,881 loans for $37.8 billion, falling from $40.2 billion in August and tumbling from $48.8 billion the same month last year, Countrywide reported.
Loans in process ended September at $65.3 billion, slightly better than the $64.1 billion pipeline reported at the end of August.
"Operational results for September were solid despite the fluctuations in the 10-year U.S. Treasury yield throughout the month," Chairman and CEO Angelo R. Mozilo said in the statement. "Declining interest rates spurred a 7 percent increase in average daily applications from August to September.
Correspondent mortgage bankers delivered $16.5 billion of the latest month's production, while Countrywide originators originated $12.4 billion, according to the announcement. Mortgage brokers funded $7.2 billion, and the rest came from capital markets.
Purchases accounted for 47 percent of September's production, the statement said, while adjustable-rate mortgage accounted for 41 percent.
Nonprime fundings were $3.1 billion, down $0.6 billion from August, and home equity fundings were $3.8 billion, off $0.3 billion, according to Countrywide.
The mortgage banking behemoth's servicing portfolio ended the quarter at $1.244 trillion, the announcement said. Delinquency was 4.5 percent, which foreclosures pending were 0.52 percent.