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Countrywide Reports Strong Production Activity for February; Servicing Portfolio Reaches $348 Billion

Robust Performance From Diversification Initiatives

CALABASAS, CA (March 8, 2002) -- Countrywide Credit Industries, Inc. (CCR) , a diversified financial services provider, released operational data for the month ended February 28, 2002.

"February represented another exceptional month for Countrywide, with strong performance from our core mortgage business and diversification activities," noted Stanford L. Kurland, chief operating officer. "Average daily loan applications increased 11 percent over last month to $1.05 billion, a level exceeded only at the peak of the current refinance boom. Countrywide's pipeline of loans in process grew 5 percent over January and reached $24 billion. Current application volume and pipeline levels indicate continued strong loan funding performance for the near future. Despite having only 19 working days in February, total loan fundings were $14 billion with average daily fundings of $736 million, up modestly from daily fundings volume of $706 million in January.

"Home purchase loans remain our strategic focus due to the stable growth in that market," Kurland continued. "Countrywide's purchase loan fundings for February reached $5.9 billion, an increase of 6 percent over the prior month and 82 percent higher than the prior year performance. We now also have a commissioned sales force of over 2,000 supporting our goal of growing our purchase market share.

"Countrywide's servicing portfolio continued its uninterrupted growth and reached $348 billion in February," Kurland added. "Countrywide's counter- cyclical production and servicing operations are strategically designed to provide continuous growth of the servicing portfolio. The success of our efforts was evident in February, as loan fundings exceeded prepayments by a record $6.7 billion. This compares favorably to $2.8 billion for the same period last year.

"Countrywide's business model has been enhanced to include businesses less sensitive to mortgage interest rate cycles," Kurland added. "The evolution of our Insurance, Capital Markets, Banking and Global businesses are strategically designed to minimize the impact of mortgage interest rate cyclicality on the company today and in the future. Solid performance by our diversification initiatives in February indicates that the businesses are well positioned to meet our expectations for the future.

"Carrier monthly net written premiums were $35 million, an increase of 84 percent over the same month last year. Policies-in-force at our insurance agency were up 12 percent from the prior year and surpassed 574,000. Agency annual premiums on policies-in-force of $279 million were up 23 percent over last year.

"Countrywide Capital Markets, our investment banking subsidiary, had trading volume of $138 billion, up 39 percent over the same period last year. Banking is our newest diversification effort and also affords the greatest growth opportunities. Assets held by Treasury Bank at February 28th were $2.7 billion. We expect banking to provide 25 percent of our consolidated earnings within five years. Global Home Loans, our European mortgage processing joint venture, processes over 15,000 loan originations per month and sub-services over $42 billion for over 760,000 borrowers in the United Kingdom.

"Countrywide's strong performance in February in both our mortgage-centric and diversified businesses provide further evidence of the effectiveness of our business model to deliver shareholder value today and in the future," Kurland concluded. "Countrywide is strategically focused on synergistically leveraging our relationships, expertise and technology to maximize earnings and mitigate the impact of interest rate cycles."

(Dollars in Millions)

February February Fiscal
2002 2001 YTD

Average Daily Loan
Applications $1,053 $666 $1,010
Total Mortgage Loan
Pipeline (loans in
process) $24,238 $15,423

Consumer Markets Division
Fundings $3,665 $2,456 $7,753
Wholesale Lending Division
Fundings $4,244 $2,339 $8,476
Correspondent Lending
Division Fundings $6,082 $2,635 $12,600
Total Loan Fundings $13,991 $7,430 $28,829

Purchase Fundings $5,867 $3,223 $11,404
Refinance Fundings $8,124 $4,207 $17,425

Total e-Commerce Fundings (2) $6,479 $3,335 $13,431
Home Equity Fundings $757 $367 $1,510
Sub-prime Fundings $565 $489 $1,307

Loan Closing Services (units)
Credit Reports 299,178 181,541 609,111
Appraisals 26,776 25,125 57,105
Title Reports 2,950 2,881 5,832
Flood Determinations 122,933 65,954 238,330

Servicing (3)
Volume $348,306 $293,600
Units 3,303,824 2,947,927
Prepayments in Full $7,262 $4,678 $15,820
Bulk Servicing Acquisitions $349 $701 $745
Portfolio Delinquency (%) -
CHL (4) 4.76% 4.68%
Foreclosures Pending (%) -
CHL (4) 0.61% 0.54%

Current Month Net Written
Premium $35 $19 $86
Annual Premium on
Policies-in-Force $279 $227
Policies-in-Force (units) 574,402 514,454

Securities Trading Volume $137,564 $99,142 $283,746

Assets held by Treasury Bank $2,713 --

Working Days 19 19 40

(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
(2) Includes loans originated through the Internet and telemarketing in
the Consumer Markets Division and Full Spectrum Lending Inc., and
loans purchased through the Internet by the Correspondent Lending
(3) Includes warehouse loans and loans under subservicing agreements for
other clients.
(4) Based on number of loans excluding subserviced loans for other
clients, GNMA rewarehouse loans sold into a third party-owned conduit
and portfolios purchased at a discount due to their nonperforming
(5) Treasury Bank was acquired May 18, 2001.
SOURCE: Countrywide Credit Industries, Inc.

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