Driven by higher refinance activity, Countrywide Financial Corp. saw overall production rise after falling for the prior two months.
The Calabasas, Calif.-based lender reported November volume of $31 billion, up $2 billion from October and $9 billion higher than a year ago.
"November results reflect the dynamics of the current market," said company COO Stanford L. Kurland in an announcement. "Overall production levels increased over last month driven by higher refinance activity."
Non-purchase transactions accounted for over $16 billion in production -- marking the first time since May that these have exceeded purchase volume, which was $15 billion, according to the lender's operational data reports.
Subprime fundings and home equity fundings were each $3 billion, while adjustable-rate fundings were $16 billion.
Countrywide said the correspondent channel contributed almost $12 billion to the latest production, consumer markets added $10 billion, the wholesale division $7 billion, and that the rest came from Capital Markets and Treasury Bank.
The pipeline of applications reportedly nudged down to $51 billion.
Meanwhile, the servicing portfolio rose again to a new high of $821 billion. The portfolio delinquency of 3.85% edged down 7 basis points from October and the percentage of foreclosures pending inched up to 0.41%.
Kurland pointed out that "successful execution of our production strategies coupled with portfolio retention efforts has enabled Countrywide to be the largest originator for the last four quarters, and moved us into the number one position in servicing."