COLUMBIA, S.C. -- Fleet Mortgage Group reported loan production for May of $1.5 billion, down 29% from $2.1 billion a year earlier.
Correspondent production was down slightly in May to $1 billion, compared with $1.1 billion in May 1993. Retail production was $500 million, down from $1 billion.
Fleet Mortgage's servicing portfolio increased to $70.8 billion at the end of May, up from $63.1 billion a year earlier.
Fleet also announced the purchase of $3.8 billion in mortgage loan servicing.
The purchase consists of two separate portfolios - of $1.7 billion and $2.1 billion.
The $1.7 billion portfolio includes more than 18,000 loans with an average size of about $92,000 and a weighted average note rate of 7.5%.
The $2.1 billion portfolio, consisting of more than 20,000 loans, has an average loan size of more than $100,000 and a note rate of 7.3%.
All of the loans are geographically dispersed and the total delinquency rates are less than 0.45%, Fleet said.
