Originations fell for the third consecutive month at Countrywide Financial Corp.
November residential mortgage fundings were $42.9 billion, nearly $4 billion worse than the prior month, the Calabasas, Calif.-based behemoth reported today. Production is $11 billion better than last year.
The correspondent channel captured 43% of Countrywide's latest monthly volume, the report said, while direct lending represented 29% and wholesale lending had a 16% share. The rest was originated by Countrywide Bank, capital markets and Countrywide Bank investment portfolio.
The mortgage banker reported its pipeline of $69 billion was off about $2 billion from the prior month.
Home equity originations were $3.8 billion, edging up from October, Countrywide said. Nonprime volume was unchanged at $3.9 billion.
Purchase fundings represented 46% of November's numbers, according to the announcement, and adjustable rate loans accounted for half. "Pay-option" production was about $8 billion -- nearly double compared to a year ago, while Interest-only originations were also up significantly to nearly $9 billion.
Countrywide's servicing portfolio was $1.1 trillion, the report said.
"Our status as the nation's largest residential mortgage originator and servicer, along with strong contributions from our other business lines, provides us with a solid foundation for continued success," said Stanford L. Kurland, Countrywide's president, in the statement.