Downey Financial Corp. reported a continued monthly decline in mortgage fundings.
Residential production at the Newport Beach, Calif.-based company was $416.7 million in May, falling from $459.5 million during April, according to a monthly summary of business activity. Volume was way down from $687.6 million a during May 2006.
Downey said it serviced $6.0 billion in mortgages for other companies as of May 31.
Nonperforming assets represented 1.30 percent of total assets, the report indicated. Loans receivable accounted for $12.4 billion of Downey's $15.0 billion total reported assets.