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Origination News | Lender Ranking | Fundings by Lender | Statistics
Quarterly residential mortgage production by lender. Subprime, Alt-A, home equity and conforming originations. Volume by quarter since 2003.



Record Activity At Countrywide

Fundings were $9.6 billion in March

April 10, 2001

By SAM GARCIA

Seizing "the opportunity presented by the current refinance boom", Countrywide Credit Industries, Inc.'s (NYSE: CCR) chief operating officer, Stanford L. Kurland, announced yesterday that mortgage fundings reached $9.6 billion in March, the highest ever for the company. The previous record was set in December 1998, when it funded $9.4 billion.

March fundings for the Calabasas, California company were twenty nine percent higher than fundings during February, which were $7.4 billion. Compared to March 2000, fundings were up almost ninety percent. Forty five percent of the total mortgage volume was e-commerce fundings at $4.3 billion.

Growth for the mortgage giant was fueled by refinances, which represented fifty seven percent of total volume. Mr. Kurland indicated that fundings exceeded prepayments by $3.0 billion during March.

Origination By Segment
(in millions)
Segment
Mar 2001
Feb 2001
Mar 2000
consumer markets
$3,014
$2,456
$1,450
wholesale lending
$3,215
$2,339
$1,366
consumer markets e-commerce fundings
$1,029
$864
$244
wholesale markets e-commerce fundings
$2,784
$1,978
$531
total fundings all sources
$9,563
$7,430
$5,049


Growth in the company's loan closing services division was led by credit reports, which increased more than twenty five percent from February.

Loan Closing Services
(in units)
Service
Mar 2001
Feb 2001
Mar 2000
credit reports
228,170
181,541
142,633
appraisals
30,064
25,125
19,714
title reports
2,990
2,881
1,766
flood determinations 80,531
65,954
42,218

MortgageDaily.com
The domestic subservicing portfolio reached $296 billion in March, including portfolios of Countrywide and others.

In a separate announcement, Countrywide today said that it has received conditional approval from the Office of the Comptroller of the Currency for the acquisition of Treasury Bank. The company said this is a significant step forward in its evolution into a fully diversified financial services provider.


Sam Garcia has been in mortgage lending since 1980, and is managing editor of MortgageDaily.com. He also owns and operates CloseNow.com, a real estate portal site.

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