Following five consecutive quarters of falling fundings, monthly production was off nearly one-third at Downey Financial Corp.
April originations were $0.7 billion, down from $1.1 billion during the prior month, the Newport Beach, Calif.-based lender announced today.
Volume during April 2005 was 100% higher at $1.4 billion, the statement said.
The weighted average interest rate on the latest month's fundings was 5.64%, according to the announcement.
Downey's first quarter production of $2.8 billion marked the fifth consecutive quarterly decline.