Conventional funders took it on the chin in the third quarter while subprime firms once again set a new quarterly production record, according to exclusive survey figures compiled by National Mortgage News.NMN and its affiliate, the Quarterly Data Report, found that all residential lenders funded $663 billion in product during the third quarter, the industry's second-worst quarterly showing in more than two years. But in the subprime niche, lenders originated a record $160 billion in product, accounting for 24% of all U.S. loans funded. The previous subprime record was $157 billion, set in the second quarter. Refinancings accounted for 44% of all loans funded in the quarter, the lowest refi percentage since the fourth quarter of 2000. Countrywide Home Loans, Calabasas, Calif., ranked first among all funders in the quarter, originating $91.8 billion, which gives it a 13.86% market share. (For complete rankings, see the Nov. 29 issue of NMN.)
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