One of the nation's largest mortgage lenders reported loan production fell further in November.
Countrywide Financial Corporation reported it funded $22 billion in loans during November, down from the previous month's $29 billion. Production has been on a decline since reaching a record in July. Last November, loan fundings totaled $32 billion.
"Declining refinance activity, combined with a shortened 19 working-day month and anticipated seasonal impact on purchase fundings, resulted in a smaller overall market," said the company's chief operating officer Stanford L. Kurland, in the announcement.
Purchase fundings fell about 17% from the previous month to $10 billion, according to the company.
Of the funding total, Countrywide said its correspondent lending division contributed approximately $9 billion, the consumer markets divisions followed with $7 billion and the wholesale lending division accounted $5 billion. Treasury bank and capital market fundings made up the rest of the total.
The servicing portfolio continued its uninterrupted climb to $631 billion, up 2% over last month. The portfolio delinquency was 3.90%, said the Calabasas, Calif.-based lender.