Loan fundings continued at a frantic pace at one of the country's largest lenders. Countrywide Financial Corporation announced that loan fundings exceeded $30 billion for the fifth consecutive month.
The Calabasas, California mortgage banking concern reported $31 billion in loan fundings during February, a month with just 19 working days.
Countrywide's February production was more than double the $14 billion funded February 2002, but down from $33.7 billion January and $35.2 billion in December.
Purchase fundings, which could likely become the bulk of Countrywide's business in the event rates head up, were $6.6 billion.
The company's servicing portfolio reached $484 billion.