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|Countrywide Continues to Set Records for Originations, Applications And Pipeline in June
CALABASAS, Calif., July 10 /PRNewswire/ -- Countrywide Credit Industries, Inc. (NYSE: CCR profile), a diversified financial services provider, released operational data for the month ended June 30, 2001.
"Countrywide established new all-time records in June for all three key production benchmarks: fundings, applications and pipeline," said Stanford L. Kurland, chief operating officer. "Maintaining a trend, June fundings provided the fourth consecutive monthly record at $11.4 billion, 108 percent higher than in June 2000. Refinances are not the only driver as purchase fundings also set a new record at $5.9 billion and provided 52 percent of total fundings. Record average daily applications of $737 million were 104 percent higher than last year. The record pipeline of loans in process of $18.7 billion is 96 percent higher than last year. All-time highs for applications and pipeline are leading indicators that fundings should remain strong in the coming months.
"Countrywide's balanced business model also produced milestones in our servicing sector," Kurland continued. "After surpassing $300 billion in servicing last month, we eclipsed the 3 million-mortgage customer mark in June. Customer growth provides the foundation for cross-selling our various diversification products. The margin of fundings over prepayments was $4.6 billion in June, another new company record. Our counter-balanced mortgage operations are designed to continue growing our portfolio irrespective of interest rate conditions. It is noteworthy that this record was set in an environment of low mortgage rates, emphasizing the company's ability to grow fundings faster than prepayments.
"Countrywide continues to benefit from the successful integration of value-added technology applications to our business," Kurland added. "E-commerce fundings were $5.2 billion in June which was 46 percent of total fundings. Our Wholesale Lending Division continues to set the pace as 88 percent of its fundings were sourced through its website targeting mortgage brokers, http://www.cwbc.com. The Internet and other technology applications have enabled us to grow our production infrastructure in a manner that should minimize the expense of any necessary downsizing.
"Our diversification activities continued to shine in June," Kurland continued. "LandSafe subsidiaries reflected significant growth in closing services unit volume compared to last June. Our insurance agency maintained its growth trends as annual premium reached $239 million and policies-in-force neared 533,000. Securities trading volume remained high at our broker-dealer and exceeded $109 billion last month. Net written premium at Balboa, our insurance carrier, was $27 million. Global Home Loans, our European mortgage processing joint venture, continues to process over 10,000 originations per month and subservices over $40 billion in the United Kingdom.
"Countrywide continues to establish records in its core business of mortgage origination and servicing," Kurland concluded. "While market observers have varying viewpoints about mortgage market conditions, we view this environment as extremely favorable and we continue to capitalize on available opportunities. We are equally enthused about the results being achieved in our various diversification activities. Most recently, we successfully completed our acquisition of a federally chartered bank. This charter will position Countrywide to improve its portfolio retention through a more complete product menu and increased brand awareness; to offer more competitive adjustable-rate products; to bring certain outsourced bank functions in-house; and to diversify its funding sources."
COUNTRYWIDE CREDIT INDUSTRIES, INC. AND SUBSIDIARIES
(Dollars in Millions)
June June Fiscal
2001(2) 2000 YTD
Consumer Markets $3,380 $1,682 $13,128
Wholesale Lending $3,590 $1,418 $13,487
Consumer Markets e-Commerce
Fundings(3) $1,236 $310 $4,725
e-Commerce Fundings $3,176 $714 $11,788
Loan Closing Services (units):
Credit Reports 226,472 135,133 907,734
Appraisals 29,499 20,438 121,814
Title Reports 3,294 1,163 12,425
Flood Determinations 91,589 47,246 352,766
Annual Premium on
Polices-in-Force $239 $195
Policies-in-Force (units) 532,691 463,959
Correspondent Fundings $4,385 $2,348 $15,359
Fundings(4) $795 $347 $2,856
Securities Trading Volume $109,473 $51,131 $441,023
Processing and Technology
Volume $306,137 $265,437
Units 3,027,069 2,695,440
Prepayments in full $6,746 $2,189 $27,384
Bulk Servicing Acquisitions $563 $418 $863
Portfolio Delinquency (%) -
CHL(6) 4.56% 3.88%
Foreclosures Pending (%) -
CHL(6) 0.44% 0.36%
Current Month Net Written
Premium $27 $19 $94
CONSOLIDATED OPERATIONAL STATISTICS
Mortgage Loan Activity
(Consumer & Capital Markets)
Total Loan Fundings $11,355 $5,448 $41,974
Total e-Commerce Fundings $5,207 $1,371 $19,369
Purchase Fundings $5,900 $4,557 $19,084
Refinance Fundings $5,455 $891 $22,890
Home Equity Fundings $573 $377 $1,876
Sub-prime Fundings $489 $628 $1,829
Average Daily Loan
Applications $737 $361 $702
Total Mortgage Loan Pipeline $18,692 $9,533
(loans in process)
Working Days 21 22 86
(1) The above data reflect current operating statistics and do not
constitute all factors impacting the quarterly and annual financial
results of the company. All figures are unaudited and monthly figures
may be adjusted in the reported financial statements of the company.
Such financial statements are provided by the company quarterly. The
company makes no commitment to update this information for changes in
circumstances or events which occur subsequent to the date of this
(2) Fourth month of fiscal year ending February 28, 2002.
(3) Includes loans originated through the Internet and telemarketing in
the Consumer Markets Division and Full Spectrum Lending Inc.
(4) Includes loans purchased through the Internet by the Correspondent
(5) Includes warehouse loans and loans under subservicing agreements for
(6) Based on number of loans excluding subserviced loans for other clients
and Ginnie Mae rewarehouse loans sold into a third party-owned
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SOURCE Countrywide Credit Industries, Inc.
|Founded in 1969, Countrywide Credit Industries, Inc. is a member of the S&P 500 and Forbes 500. The company provides consumer and business-to-business financial services in domestic and international markets. Consumer businesses include mortgages, consumer insurance and other retail financial products. Business-to-business activities encompass processing and technology, capital markets and B2B insurance.
Principal subsidiaries include Countrywide Home Loans, Inc., which originates, purchases, securitizes, sells and services home loans; Full Spectrum Lending, Inc., a sub-prime residential lender; LandSafe, Inc., a provider of loan closing services; Countrywide Insurance Services, Inc., a full service insurance agency; Countrywide Capital Markets, a mortgage-related investment banker; and Balboa Life and Casualty, a national provider of property, liability and life insurance. In addition, Countrywide owns 50 percent of Global Home Loans, a European mortgage banking joint venture.
For more information about the company, visit Countrywide's website at http://www.countrywide.com.
Certain of the information included in this press release may contain forward-looking statements. These forward-looking statements are subject to certain risks and uncertainties, which could cause actual results to differ materially from historical results or those anticipated due to a number of factors such as the direction and level of interest rates, competitive and general economic conditions in each of our business sectors, expense and loss levels in our mortgage, insurance and other business sectors, general economic conditions in the United States and abroad and in the domestic and international areas in which we do business, regulatory and legislative environments in which the company operates, changes in accounting and financial reporting standards, decisions by the company to change its business mix, and other risks detailed in documents filed by the company with the Securities and Exchange Commission from time to time. Words like "believe," "expect," "should," "may," "could," "anticipated," "promising" and other expressions which indicate future events and trends identify forward-looking statements. The company undertakes no obligation to publicly update or revise any forward-looking statements.
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