$5 billion November production
By MortgageDaily.com staff
12/14/2005

National City Corp. reported its third consecutive monthly decline.

November volume of $5.0 billion fell below the previous month's $6.1 billion and $6.7 billion a year ago, the company said in its mid-quarter financial supplement update.

National City has seen fundings drop each month since August -- a trend also reported by Downey Financial, New Century and Countrywide Financial.

The latest fundings included originations from prime-lending unit National City Mortgage of about $3.4 billion, which reflected a deduction of about $0.4 billion in portfolio loan originations primarily made up of home equity loans for National Home Equity business unit, according to the report. Retail loans made up 64% of prime production, while wholesale loans accounted for the rest. Refinances reportedly represented 51 percent of prime production.

The remaining $1.5 billion of November volume came from First Franklin, the Ohio-based parent reported. Refinance loans represented 33 percent of the subprime-lending unit's originations, which reflected $0.6 billion deduction for portfolio originations.

National City said it serviced $174.1 billion in loans for third parties.

As of November's end, National City employed 11,475 people throughout five businesses: the prime and subprime units, and National City Home Loan Services, National Home Equity and National City Warehouse.

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