Downey Financial Corp. announced originations were off during the first month of the year.
Mortgage fundings in January were $933.4 million, falling from $981.1 million during December, the Newport Beach, Calif.-based lender reported today. A year earlier, production was $1.4 billion.
Downey said last month's numbers included $570.4 million in residential one- to four-unit originations, $251.1 million in "loans for sale: origination and purchases," and $19.2 million in subprime volume.
Mortgage loans serviced for others totaled $5.5 billion, according to the report.