Record Accredited Originations

$4.1 billion 2nd quarter fundings
By MortgageDaily.com staff
8/3/2005

Accredited Home Lenders Holding Co. reported record quarterly production.

During the second quarter, the nonprime lender's milestone originations of $4.1 billion climbed above the prior quarter's $3.2 billion and from $3.4 billion a year ago, according to Accredited's earnings release Tuesday.

Wholesale originations reportedly represented 91% of the latest volume, while the rest was retail production.

The San Diego-based company said it sold $2.8 billion in loans on a wholesale basis and securitized $1 billion.

The 30+ day delinquency rate on Accredited's $8.3 billion servicing portfolio at June 30, 2005, was 1.79%, up seven basis points from the first quarter.

Accredited CEO James Konrath said he was pleased that second quarter net income of $39.6 million "remained on target, despite aggressive pricing throughout the nonprime mortgage industry." The cost to originate loans, however, was the lowest in the company's history.

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