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Downey Dips

$1.209 billion 2nd quarter fundings

July 18, 2007

By MortgageDaily.com staff


Downey Financial Corp. reported another drop in quarterly mortgage production. Meanwhile, delinquency has increased more than five-fold from a year earlier.

Second quarter originations were $1.209 billion, off from $1.261 billion in the prior quarter, according to an earnings announcement today. However, volume tumbled 42 percent from a year earlier.

Fundings have fallen every quarter since the fourth quarter 2004 -- though this may have helped shield the Alt-A lender from many of the problems faced by larger competitors.

Downey said it serviced $6.0 billion in mortgages for others as of June 30, while loans held for investment totaled $12.1 billion -- of which $8.9 billion was subject to negative amortization.

Delinquency of at least 30 days on the company's portfolio was 2.11 percent -- soaring from 1.32 percent during the first quarter and more than five times higher than a year earlier, according to the report.

"The ongoing softening of the housing market, coupled with a challenging interest rate environment, have contributed to continued declines in our loan portfolio and increases in our non-performing loans," the company's President and Chief Executive Officer Daniel D. Rosenthal said in today's announcement. "However, we continue to have a very strong capital position which will allow us to take advantage of opportunities as they arise."

Second quarter net income was $32.7 million, the report indicated.

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