Countrywide Financial Corp. reported Wednesday that mortgage loan funding in July totaled $36 billion, a 19 percent decline from the same month last year.

The number of adjustable-rate loans funded in July plummeted 27 percent to $16.9 billion. At $125 billion, year-to-date adjustable rate volume is down 10 percent from last year.

“Residential mortgage loan production for the month of July 2006 reflected current market conditions,” said Stanford L. Kurland, president and chief operating officer. “The decline in purchase activity was consistent with our overall funding volume, as the pace of home sales has slowed.”

Total mortgage funding in units for July was 194,831, down 18 percent from the 236,763 units in the same month last year. Average daily mortgage loan application activity in July was $2.5 billion, a decrease of 15 percent from last year. The mortgage loan pipeline was $62 billion on July 31, 2006, compared with $77 billion at the end of the month last year.

Home equity loan funding for the month was up 4 percent, to $3.8 billion, and year-to-date home equity funding is 16 percent greater than last year, at $27 billion. Government-backed fundings also rose 5 percent, from $995 million to $1.05 billion.

The number of adjustable-rate loans funded in July, however, plummeted 27 percent to $16.9 billion. At $125 billion, year-to-date adjustable-rate volume is down 10 percent from last year.

Countrywide funded $3.4 billion in subprime home loans in July, down from $3.7 billion last year. Year-to-date subprime funding volume of $24 billion is about the same as last year.

Countrywide’s servicing portfolio continued to grow, adding $14 billion from the previous month and $220 billion from last year. At the end of the month, the mortgage loan service portfolio stood at 7.8 million units totaling $1.2 trillion, up 22 percent from the 6.9 million units and $991 billion being serviced at the end of July 2005.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
EXTENDED: Last call for the best price of the year on the best events in real estate.Register now×
Cyber Monday Sale - EXTENDED! Get 1 year of Inman Select for $75. Offer expires at midnight.SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription