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Countrywide's Applications, Fundings and Pipeline Soar to Record Levels In October

CALABASAS, Calif., Nov. 8 /PRNewswire/ -- Countrywide Credit Industries, Inc. (NYSE: CCR), a diversified financial services provider, released operational data for the month ended October 31, 2001.

"October represented another record-breaking month across all business lines, highlighted by the exceptional performance of our core mortgage banking business," said Stanford L. Kurland, chief operating officer. "Average daily loan applications topped $1 billion, reaching an historical high of $1.14 billion, exceeding last year's levels by 176 percent. The pipeline of loans-in-process at October 31, 2001 reached a record high of $27.9 billion, surpassing the most recent record of $21.3 billion set last month by 31 percent. All three production divisions outpaced recent record performance, propelling October's fundings to $14.8 billion, a 27 percent increase over August, the last record breaking month. It is notable that this recent production record was broken while maintaining a balanced fundings mix between our retail, mortgage broker and correspondent distribution channels. The eight months of fiscal year-to-date loan production of $89.4 billion is fast approaching the historic $92.9 billion volume record set for all of fiscal year 1999.

"Countrywide's servicing portfolio reached $325 billion, clearly demonstrating that the 'macro-hedge' is performing as designed by continuing to promote servicing portfolio growth in a low interest rate environment," Kurland continued. "The success of our counter-balanced production and servicing operations was evidenced this month as fundings exceeded prepayments by $6.1 billion, further highlighting Countrywide's ability to not only replenish portfolio runoff, but also substantially grow the servicing asset in a refinance environment.

"Countrywide's other subsidiaries have continued to produce exceptional results, adding momentum to our diversification initiatives. The LandSafe loan closing services group reported significant unit increases from August's records as credit reports rose by 39 percent, title reports by 26 percent, flood determinations by 25 percent and appraisals by 20 percent. "Our insurance carrier and agency businesses also continued positive performance momentum year over year," Kurland added. "Carrier monthly net written premium has increased nearly two times from $22 million to $40 million. Agency annual premium has grown from $215 million to $260 million and policies-in-force have increased 13 percent from 493,000 to 557,000.

Capital Markets monthly securities trading volume of $130 billion this month is 149 percent higher than a year ago. Fiscal year-to-date trading volume has reached nearly $1 trillion, having eclipsed last year's total trading volume of $742 billion. Global Home Loans, our European mortgage processing joint venture, processes over 10,000 mortgage loan originations per month and subservices over $40 billion of mortgage loans in the United Kingdom. Our banking operations now have $848 million in assets.

"Countrywide's outstanding October results conclusively demonstrate the power and flexibility of our time-tested business model," Kurland concluded.

Effective with October 2001 data, Countrywide has reformatted monthly operating statistics to more efficiently report the performance of the company's core mortgage and diversified businesses.

                           OPERATING STATISTICS(1)

                            (Dollars in Millions)

                                          October     October      Fiscal

                                          2001(2)       2000        YTD



         Average Daily Loan

          Applications                     $1,144        $414        $787

         Total Mortgage Loan Pipeline

          (loans in process)              $27,918      $9,752

         Consumer Markets Division

          Fundings                         $4,768      $1,713     $28,200

         Wholesale Lending Division

          Fundings                         $4,811      $1,839     $28,818

         Correspondent Lending Division

          Fundings                         $5,258      $2,689     $32,347

            Total Loan Fundings           $14,837      $6,241     $89,365

         Purchase Fundings                 $5,723      $4,715     $40,851

         Refinance Fundings                $9,114      $1,526     $48,514

         Total e-Commerce Fundings(3)      $7,143      $2,164     $42,212

         Home Equity Fundings                $649        $429      $4,267

         Sub-prime Fundings                  $575        $384      $4,181

       Loan Closing Services (units)

         Credit Reports                   363,946     149,946   2,006,554

         Appraisals                        39,354      20,237     253,264

         Title Reports                      4,894       2,324      28,054

         Flood Determinations             122,597      54,618     750,237


         Volume                          $324,470    $277,967

         Units                          3,158,409   2,807,208

         Prepayments in Full               $8,746      $2,274      55,145

         Bulk Servicing Acquisitions         $352        $318       2,578

         Portfolio Delinquency (%)

          - CHL(5)                          5.00%       4.40%

         Foreclosures Pending (%)

          - CHL(5)                          0.54%       0.41%

                                          October     October      Fiscal

                                          2001(2)       2000        YTD



         Current Month Net Written Premium     $40         $22       $243


         Annual Premium on

          Policies-in-Force                   $260        $215

         Policies-in-Force (units)         556,624     493,118


       Securities Trading Volume          $129,980     $52,237   $904,090


       Assets held by Treasury Bank           $848         ---

     Working Days                               23          22        172

    (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) Eighth month of fiscal year ending December 31, 2001.

        Beginning January 1, 2002 Countrywide will report on a calendar year


    (3) Includes loans originated through the Internet and telemarketing in

        the Consumer Markets Division and Full Spectrum Lending Inc., and

        loans purchased through the Internet by the Correspondent Lending


    (4) Includes warehouse loans and loans under subservicing agreements for

        other clients.

    (5) Based on number of loans excluding subserviced loans for other clients

        and Ginnie Mae rewarehouse loans sold into a third party-owned


    (6) Treasury Bank was acquired May 18, 2001.
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. 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 holds a majority interest in 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, the legal, regulatory and legislative environments in which the company operates, valuation of our assets and effectiveness of our hedging activities under existing or future accounting standards, performance of individual securities, financial instruments and markets as a whole in response to world events, 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.

Countrywide Credit Industries, Inc.

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