|The nation’s largest originator started the year with a downturn in production.
The monthly decline was due in part to three fewer business days in January, the Calabasas, Calif.-based lender said.
The bulk of originations came from the correspondent lending division with a contribution of $10 billion. Consumer markets added $8 billion, wholesale volume aggregated $5 billion, and the remaining portion came from Capital Markets and Treasury Bank, according to the announcement.
Home equity loan fundings declined 13% from December to nearly $3 billion, the report said, and subprime originations dropped 11% to $4 billion.
Purchase originations made up 45% of the production, while ARMs represented 53%.
The mortgage loan pipeline of $48 billion was mostly unchanged from the prior month’s level, according to the report.
Countrywide, which claims the No. 1 mortgage originator and servicer spots for 2004, said it ended January with a record servicing portfolio size of $867 billion — up 32% over last year.
The portfolio delinquency edged up during the month to 3.89% and foreclosures pending upticked to 0.45%, according to the report.
So, you’re interested in refinancing your mortgage. Maybe you want some extra capital to do that home project you’ve always dreamed of, interest rates are nearing record lows, or you want to start consolidating debt. Regardless of the motivation behind the refinance,...