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| Downey Business Evaporating
$687.6 million May fundings
June 15, 2006
By MortgageDaily.com staff
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Monthly mortgage loan production at Downey Financial Corp. is just half of what it was last year.
The Newport Beach, Calif.-based lender reported May originations of $687.6 million, down from $719.7 million in April.
Volume was $1.4 billion during May 2005 -- nearly twice as much as the latest month.
The company said it serviced $6.2 billion in mortgage loans for others as of May 31. Its portfolio reportedly had a weighted average interest rate of 5.65%.
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