Downey Financial Corp. fundings trimmed down for the fourth consecutive month and were less than half the level a year prior.
Originations and purchases of one-to-four unit residential loans amounted to $548.6 million in July, off from June's $663.8 million, according to its 13-month earnings data release today. In July 2005, the volume neared $1.2 billion.
Production for the Newport Beach, Calif.-based lender has reportedly gone downhill since March.
Mortgages serviced for others edged up from the prior month to $6.4 billion, Downey said, and the weighted average interest rate was 5.68%.