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Countrywide Delinquency, Production Worse

$21.9 billion January fundings

February 15, 2008

By MortgageDaily.com staff


The bad news at Countrywide Financial Corp. is that delinquency rose for the tenth consecutive month, foreclosures have nearly doubled over the past year and home equity, nonprime and commercial originations have all but disappeared. The good news is that government lending is soaring and its pipeline of loans in process has surged.

Residential production was 105,832 loans for $21.9 billion during January, falling from 116,550 loans for $23.4 billion in December, Countrywide reported today. Fundings tumbled from 195,071 units for $37.1 billion a year earlier.

Volume from the correspondent channel accounted for $9.9 billion of last month's production, according to the Calabasas, Calif.-based company. Retail lending represented $9.4 billion of originations, while mortgage broker business was $2.5 billion.

Nearly one-third of January fundings was for home purchases, the report indicated. Adjustable-rate mortgage volume was $2.8 billion.

Home equity loan business fell to $0.9 billion from $1.3 billion in December and $3.6 billion during January 2007, Countrywide indicated. The company, which said in its fourth quarter earnings report that advances from home equity lines-of-credit backing securitizations were eating into its capital, recently notified thousands of customer that their lines were canceled.

No nonprime volume was reported for January, compared to $2.9 billion during January 2007.

One bright spot was an increase in government fundings, which Countrywide reported at $2.6 billion in January, up from $2.5 billion in December and $1.1 billion a year earlier.

The lender's pipeline was $51.0 billion on Jan. 31, surging from $35.1 billion on Dec. 31, the report indicated.

Commercial mortgage fundings amounted to just $50 million in January, dropping from $160 million in December and $654 million 12 months earlier, according to the data.

Countrywide said it serviced 9.0 million loans for $1.480 trillion at the end of January. Delinquency rose for the 10th consecutive month to end January at 7.47 percent, while foreclosure rose for the third consecutive month to 1.48 percent and now stand at nearly double the level a year earlier.

The company reportedly employed 50,114 people at the end of January.

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