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Production at Countrywide continued to decline in October.
National mortgage originator Countrywide Financial Corp. said that "as expected," loan fundings in October decreased from the prior month's $33 billion to $29 billion. A year ago, fundings were higher at $35 billion.
Purchase fundings of $12 billion, up 32% from last October, accounted for 43% of total loan fundings, said the Calabasas, Calif.-based company.
Fundings from Countrywide's consumer markets division were reported at $8.2 billion. The wholesale lending division funded $6.2 billion, the company said, and the correspondent lending division purchased $10.9 billion. The remaining production was funded by the capital markets unit and Treasury Bank.
Loans serviced totaled $621 billion, said Countrywide. The milestone total broke September's record of $606 billion and represents a 47% increase from $422 billion last October.
Delinquency was reported at 3.54%.
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