Downey Financial Corp. reported lower monthly mortgage volume.
Residential mortgage production amounted to $459.5 million during April, the Newport Beach, Calif.-based company announced today. Volume slipped from $465.0 million during March and tumbled from $719.7 million in April 2006.
As of April 30, the parent of Downey Savings and Loan Association F.A. said it serviced $6.0 billion in mortgage loans.
The challenging mortgage market that began last year and carried into this year "contributed to further declines in our loan portfolio," Downey President and CEO Daniel D. Rosenthal said last month. "Our subprime portfolio has declined and represents less than 6% of our loan portfolio."
Downey, in business since the 1950's, originates mortgage loans through internal loan officers and mortgage brokers. Among its current wholesale offerings are no income documentation loans, programs with no cash reserve requirements and mortgages for borrowers with late mortgage or revolving debt payments.