Countrywide Financial Corp. reported a dip in its September operational results Wednesday, but saw its mortgage servicing business surge.

Mortgage loan funding for the month of September was down 22 percent to $38 billion compared to $49 billion for the same period a year ago, according to the Calabasas-based lender,.

The company, the largest mortgage lender in the U.S., also reported that the average daily mortgage loan application activity was slightly down in Sept to $2.8 billion from $3.billion last year.

However, a bright spot was the company’s growing mortgage loan servicing portfolio which hit $1.24 trillion, a 19 percent gain over last year.

Shares in Countrywide were down 27 cents to $36.15 in early trading Wednesday.