Correction

Due to a data input error, a recent item published by MortgageWire misstated payment-option ARM production in the third quarter. The corrected figures are as follows: mortgage bankers funded just $26.1 billion worth of payment-option adjustable-rate mortgages in the third quarter, a 73% decline from the level recorded a year earlier, according to statistics compiled by National Mortgage News and the Alternative Products Quarterly Data Report. Compared with volume in the previous quarter, option ARM production fell 47%. Every single lender answering the survey reported a double-digit percentage decline in fundings, ranging from 33% to 99%.