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Origination News | Lender Ranking | Fundings by Lender | Statistics
Quarterly residential mortgage production by lender. Subprime, Alt-A, home equity and conforming originations. Volume by quarter since 2003.

Countrywide Home Equity, Subprime Volume Tumbles

$27 billion February production

March 9, 2005

By MortgageDaily.com staff

Countrywide Financial Corp.'s monthly volume declined again, with the biggest declines occurring in its nonprime lending.

February loan fundings of $27 billion decreased 5% from the previous month, the Calabasas, Calif.-based lender announced Tuesday, but the total is 16% higher than a year earlier.

"Production volume for the month of February was representative of seasonal trends and a modest rise in interest rates from the preceding months," commented company president Stanford Kurland in the announcement.

February subprime and home equity fundings were each $2.6 billion, according to the report, off significantly from January when subprime production was $4 billion and home equity production was $3 billion.

Purchase loans accounted for 44% of the volume, Countrywide reported, while adjustable-rate loans comprised 52%.

Kurland pointed out that a temporary drop in the 10-year U.S. Treasury yield during the month generated a spark in refinance application activity, which contributed to increased average daily application volume and a 14% growth in the pipeline of loans to $55 billion at February's end. "It's noteworthy that January and February had 19 business days whereas March will have 23 business days," the executive said.

February's volume was amassed by $10 billion from the correspondent lending division, about $9 billion from consumer markets and $5 billion from wholesale. Capital Markets and Treasury Bank fundings accounted for the rest, the announcement said.

The servicing portfolio climbed 1% from the prior month to $878 billion, "and is poised to exceed the $1 trillion level before year-end 2005," according to Kurland.

Portfolio delinquency reportedly tumbled 15 basis points to 3.74% during the month and foreclosures pending remained at 0.45%.

Nonprime and Subprime News | Subprime Statistics
Stories about non-QM products. Coverage of subprime, Alt-A and
hard money lending. Home-equity loans and home-equity lines of credit.

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