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January Production off at Countrywide

Record portfolio size nearing 1/2 billion dollars

February 12, 2003

By MortgageDaily.com staff

Countrywide Financial Corporation's production in January skyrocketed past last year's -- but it didn't quite match December's grand funding finale.

The Calabasas, Calif.-based company produced $33.7 billion in loan fundings last month, a hair off from December's $35.2 billion. But it more than doubled the $14.8 billion in fundings from January 2002.

Purchase fundings came to $7.8 billion during the month, $3 billion more than last year at this time. It's a billion less than December's purchase fundings, however.

"January's operational results clearly reflect the company's success in capitalizing on the tremendous opportunities presented by the low interest rate environment," CEO Stanford L. Kurland said.

The lender's servicing portfolio hit a record $469 billion. This was achieved by producing considerably more loans than those that prepaid, the company said. Its mortgage loan pipeline closed at $48.2 billion by January's end, which more than doubled last year's $23.0 billion.

Countrywide was co-founded by Kurland in 1969. Its shares were up $0.12 at $53.35 during late-morning trading, according to CBSMarketwatch.com.

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