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Provident Production Plummets

While an analysis of first-quarter residential originations indicates that fundings at all U.S. lenders dropped by 34 percent — volume plummeted by nearly two-thirds at Provident Funding Associates LP.

First-quarter originations were $3.3 billion, according to operating data disclosed in a recent public filing by the Burlingame, Calif.-based lender.

Business sank 65 percent from the fourth-quarter 2010.

In comparison, an analysis by MortgageDaily.com of first-quarter production indicated that fundings at all U.S. lenders were down just 34 percent.

Provident claims that it has originated $196 billion from 2001 to 2011.

The mortgage servicing portfolio at Provident ended March at $49.0 billion as of March 31. The last report on the portfolio indicated that it stood at just $44.0 billion as of Sept, 30, 2010.

Provident reported 30-day delinquency of 2.46 percent as of the end of March.

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