Downey Financial Corp. saw its volume tumble, loans held for investment decline, and mortgage servicing portfolio drop.
Residential mortgage originations were $211 million during July, dropping from $332 million in June, according to monthly data released from the Newport Beach, Calif.-based company. In July 2006, production was $549 million.
Fundings have been on the decline most of this year, according to the Alt-A lender.
Loans held for investment were $11.9 billion on July 31, down from $14.9 billion the previous month, Downey reported.
Mortgages serviced for others, which carried a weighted-average rate of 5.8 percent, ended the month at $5.9 billion, off from $6.0 billion in June.