COLUMBUS, Ind. -- Irwin Financial Corp. announced preliminary results for April and May from its mortgage banking subsidiary, Inland Mortgage Corp.
Inland, with 46 offices in 16 states, had loan closings of $290 million in May and $305.4 million in April, down 25.0% and 14.1% respectively from closings in the year-earlier periods.
Production for 1994 to date reached $1.5 billion, against $1.4 billion during the first five months of 1993.
Refinancings accounted for 9.3% of production in May 1994 and 17.4% in April 1994, compared with 37.7% in May 1993 and 43.2% in April 1993.
Inland's pipeline of loans in process was $741.9 million as of May 31, 1994, down 13.8% from $861 million as of March 31, 1994.
Inland has focused on the home purchase market and, therefore, has not been as reliant as its peers on refinance volume in recent years.
While recent increases in mortgage interest rates have affected overall production, Inland's loan production for its core business, home purchases, increased 9.2% and 25.0% in May 1994 and April 1994, the company said.
Inland's mortgage servicing portfolio totaled $8.1 billion as of May 31, 1994, up 30.9%. Inland has so far sold servicing rights equal to 52.7% of its 1994 production, compared with 16.3% in the year-earlier period.