$11.3 billion first quarter fundings
By MortgageDaily.com staff
4/28/2004

Quarterly production fell 24% at the mortgage operating arm of Cendant Corp.

According to its financial statements, Cendant closed $11.3 billion in mortgage loans during the first quarter, representing a downturn from $14.9 billion in the first quarter. In first quarter last year, the total was $17.8 billion.

The latest volume consisted of $7.2 billion in mortgage production loans closed to be securitized and $4.1 in other production loans closed, the New York-headquartered company said.

The average servicing loan portfolio ended the quarter at $113.2 billion, up 15% from a year earlier, according to the report.

The parent company of Century 21, Coldwell Banker, and ERA, said its first quarter net income totaled $441 million.

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