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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.


COUNTRYWIDE CREDIT INDUSTRIES, INC. AND SUBSIDIARIES
                           OPERATING STATISTICS(1)


                            (Dollars in Millions)





                                          October     October      Fiscal


                                          2001(2)       2000        YTD





     MORTGAGE BANKING


       Production


         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





       Servicing(4)


         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





     INSURANCE


       Carrier


         Current Month Net Written Premium     $40         $22       $243


       Agency


         Annual Premium on


          Policies-in-Force                   $260        $215


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





     CAPITAL MARKETS


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





     BANKING(6)


       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


        release.


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


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


        basis.


    (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


        Division.


    (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


        conduit.


    (6) Treasury Bank was acquired May 18, 2001.
MortgageDaily.com
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.

SOURCE:
Countrywide Credit Industries, Inc.

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