Countrywide Financial Corporation announced its January subprime funding total, which was just an arm's length away from December's production.
Subprime fundings reached $1.1 billion last month, just shy of December's $1.2 billion. It's up 50% from the $742 million closed last year at this time, however.
Home Equity Fundings also reached $1.1 billion during January, up from $0.8 billion a year ago.
"We commenced 2003 with a month of solid operational performance across all of our business lines," CEO Stanford L. Kurland said.
The total servicing portfolio of the Calabasas, Calif.-based company hit a record $469 billion in January. Its mortgage loan pipeline closed at $48.2 billion by January's end, which more than doubled last year's $23.0 billion.
Shares of Countrywide were down $0.09 at $53.17 during midday trading, according to CBSMarketwatch.com.