Downey Financial, the parent company of West Coast option-ARM specialist Downey Savings, reported today that loan production dropped 19 percent in November to its lowest amount in two years. Loan production was reported at just over $171 million, versus $210 million in October. The currently reported loan production results are a far cry from a year ago, when Downey produced nearly $600 million in residential one-to-four loans. Non-permforming loans have more than doubled at Downey since November 2005, reaching nearly $91 million of the company’s $16.5 billion in assets. Non-performing loans represented 0.55 percent of assets in November, up from 0.47 percent a month ago and continuing an upward trend that began in June of this year.
Loan Production Lowest in Two Years at Downey Financial
Most Popular Articles
Latest Articles
Lower mortgage rates attracting more homebuyers
An often misguided premise I see on social media is that lower mortgage rates are doing nothing for housing demand. That’s ok — very few people are looking at the data without an agenda. However, the point of this tracker is to show you evidence that lower rates have already changed housing data. So, let’s […]
-
Rocket Pro TPO raises conforming loan limit to $802,650 ahead of FHFA’s decision
-
Show up, don’t show off: Laura O’Connor is redefining success in real estate
-
Between the lines: Understanding the nuances of the NAR settlement
-
Down payment amounts are exploding in these metros
-
Commission lawsuit plaintiff Sitzer launches flat fee real estate startup