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Turnaround in Production for Countrywide

$25 billion December production

January 12, 2004

By MortgageDaily.com staff

Joining the string of companies reporting annual record volume was Countrywide Financial Corp., which reported an increase in monthly volume after declining since July.

The Calabasas, Calif.-based lender announced that it reached loan fundings of $25 billion in December, up 13% from the previous month. However, volume was higher last December -- when it totaled $35 billion.

Fundings in all of 2003 set an all-time high annual record of $435 billion, soaring 73% over the previous year's record of $252 billion, said Countrywide.

The company reported its servicing portfolio at a new high of $645 billion, climbing up about 2% from the previous month and surging 43% over the $452 billion at the prior year's end.

Countrywide also announced it will be one of the first companies listed on both the NYSE and NASDAQ. While it already trades on the NYSE, its expected to appear on the NASDAQ within the month. Hewlett Packard, Charles Schwab, Walgreens, Apache Oil and Cadence are the others joining the dual listing program.

"We are pleased to join these other leading firms in exploring the benefits of dual listing on two of America's primary stock markets," said executive officer Angelo R. Mozilo, in a statement. "We believe dual listing will encourage competition between the two markets and their respective trading systems, and that this can ultimately benefit shareholders."

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