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Countrywide Sets New Production and Servicing Milestones
in May

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

"Countrywide established two new company records for origination volume in May, with monthly fundings of $10.9 billion and quarterly fundings of $30.6 billion," said Stanford L. Kurland, chief operating officer. "May's fundings represented our third consecutive record-breaking month. The $30.6 billion total for our first fiscal quarter, which ended May 31, exceeded the previous mark of $25.1 billion set in the fourth quarter of fiscal 1999 by 22 percent. Refinance volume reached a record $6.1 billion, representing 56 percent of total volume. Home purchase fundings were $4.8 billion, a 16 percent increase from last May.

"The pipeline of loans in process was $18.2 billion, nearly on par with last month's record level," said Kurland. "This is one indication that funding levels should remain strong in the coming months. Another leading indicator is application volume, which remains at very robust levels. In May, average daily applications were $663 million, comparable to last month's total and an 81 percent increase over last May. Contrary to some opinions, Countrywide's surging origination activity demonstrates that the refi boom is still going strong.

"The surge in new loan volume helped drive our domestic subservicing portfolio -- which consists of loans serviced on behalf of Countrywide and other lenders -- over the $300 billion level for the first time," Kurland continued. "This portfolio now stands at $302 billion, and it is expected that, in June, the number of customers serviced will top 3 million.

"The counter-balance of our production and servicing operations continues to position us well in this high prepayment environment," Kurland added. "Our capability of defending our portfolio was confirmed again this month as fundings exceeded prepayments by $3.4 billion. The annualized prepayment rate for the month was 30 percent, up slightly from last month yet generally in line with management's expectations.

"E-commerce once again was a major element of our success," Kurland continued. "In May, Countrywide recorded $5.2 billion in e-commerce fundings, which represents 48 percent of total mortgage volume. Our Wholesale Lending Division, which markets primarily to mortgage brokers, led the way with 88 percent of its fundings sourced through Countrywide's broker website, http://www.cwbc.com. Moreover, Countrywide has enhanced its infrastructure flexibility by integrating the Internet throughout its operations, which facilitates the creation of additional capacity in a refinance environment.

"Our diversified consumer financial services also made notable contributions to the company's success in May. Subsidiaries of LandSafe, Inc., our provider of closing services, generated significant growth in all major products compared to May 2000. Countrywide's insurance agency showed continued growth, with annual premium of $236 million and policies-in-force of over 528,000.

"Our institutional businesses also help provide positive momentum in Countrywide's overall growth. Countrywide Securities Corporation trading volume for May maintained its long-term growth trend at $122 billion, nearly two-and-a-half times the level of last May. Net written premium for Balboa, our insurance carrier, was $35 million. Global Home Loans, our European joint venture, subservices the equivalent of over $40 billion in the UK.

"Countrywide is seizing the opportunities presented by this high refinance environment, while continuing to build and diversify for a strong and stable future," Kurland concluded. "The record-setting performance in our core production and servicing businesses, combined with the impressive growth of our newer business initiatives, demonstrate that we are well-positioned for sustained success."


                           OPERATING STATISTICS(1)

                            (Dollars in Millions)

                                        May          May      Fiscal

                                       2001(2)       2000       YTD



      Consumer Fundings:

        Consumer Markets                $3,437      $1,621     $9,748

        Wholesale Lending               $3,454      $1,413     $9,897

        Consumer Markets e-Commerce

         Fundings(3)                    $1,291        $341     $3,489

        Wholesale Markets

         e-Commerce Fundings            $3,033        $664     $8,612

      Loan Closing Services (units):

        Credit Reports                 253,778     135,124    681,262

        Appraisals                      31,531      20,991     92,315

        Title Reports                    3,331       1,575      9,131

        Flood Determinations            92,998      45,430    261,177

    Consumer Insurance

        Annual Premium on

         Polices-in-Force                 $236        $190        --

        Policies-in-Force (units)      528,214     457,069        --


    Capital Markets

      Correspondent Fundings            $3,986      $2,048    $10,974

      Institutional e-Commerce

       Fundings(4)                        $846        $355     $2,061

      Securities Trading Volume       $121,616     $50,660   $331,550

    Processing and Technology

      Domestic Subservicing


       Volume                         $301,815    $261,888         --

       Units                         2,998,057   2,663,833         --

       Prepayments in full              $7,477      $2,119    $20,638

       Bulk Servicing Acquisitions        $205         $42       $300

       Portfolio Delinquency (%) -

        CHL(6)                            4.39%       4.12%        --

       Foreclosures Pending (%) -

        CHL(6)                            0.45%       0.35%        --

    B2B Insurance

      Current Month Net Written Premium    $35         $16        $67


      Mortgage Loan Activity

      (Consumer & Capital Markets)

        Total Loan Fundings            $10,877      $5,082    $30,619

        Total e-Commerce Fundings       $5,170      $1,360    $14,162

        Purchase Fundings               $4,745      $4,090    $13,184

        Refinance Fundings              $6,132        $992    $17,435

        Home Equity Fundings              $502        $380     $1,303

        Sub-prime Fundings                $466        $514     $1,340

        Average Daily Loan

         Applications                     $663        $366       $691

        Total Mortgage Loan Pipeline   $18,238      $9,635         --

         (loans in process)

    Working Days                            22          22         65
  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. Third 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 Lending Division.
  5. Includes warehouse loans and loans under subservicing agreements for other clients.
  6. Based on number of loans excluding subserviced loans for other clients and Ginnie Mae rewarehouse loans sold into a third party-owned conduit.

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.

SOURCE Countrywide Credit Industries, Inc.
Web Site: http://www.countrywide.com

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