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$14.4 Billion June Production At Countrywide

Record purchase-money fundings

July 9, 2002

By MortgageDaily.com staff

June mortgage loan fundings at Countrywide Credit Industries, Inc. were up five percent from the prior month to $14.4 billion. The company said average daily fundings during June were $718 million, sixteen percent higher than May.

"Countrywide's core mortgage banking business delivered strong performance in June," said Stanford L. Kurland, chief operating officer of the S&P 500 company. "Driven in part by a decline in mortgage rates, average daily loan applications surpassed $1 billion, an increase of 22 percent from the prior month."

Purchase money fundings were particularly strong for the southern California-based lender, reaching a record $8.3 billion. Purchase fundings accounted for 58 percent of total fundings in June. "Countrywide's strategic focus on the purchase market was evident in June as purchase fundings hit a new record of $8.3 billion, a 6 percent increase over the prior month," Kurland said. "Countrywide's success in capturing greater market share in the consistently growing purchase market will position us well for future production performance in the mortgage banking sector."

Countrywide reported that June fundings exceeded prepayments by $8.1 billion, leaving its servicing portfolio at $375 billion. Year-to-date fundings have exceeded prepayments by $42.3 billion.
Copyright © 2002 MortgageDaily.com

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