Monthly originations eased at Countrywide Financial Corp. and appear to be headed lower.
The Calabasas, Calif.-based mortgage banker reported $46.8 billion in residential volume during October, off from $48.8 billion in September. But the second consecutive monthly decline was offset by a 60% increase since October 2004.
Nearly $21 billion of October's originations was correspondent business, the announcement said, while consumer lending funded $13 billion and wholesale totaled $7 billion. Countrywide Bank, Capital Markets and Countrywide Bank Investment Portfolio accounted for the remainder.
Home purchase production was $21 billion, Countrywide said, while adjustable rate fundings were $23 billion.
Countrywide's home equity production was $3.6 billion, the report said, down $0.2 billion from September. Nonprime fundings were $3.9 billion, off slightly from $4.0 billion the prior month.
Delinquency on Countrywide's $1 trillion portfolio was 4.32% in October, the announcement indicated, while foreclosures pending were 0.41%.
The company's pipeline ended October at $70.6 billion, down from $76.8 billion at the beginning of the month.