First quarter loan production at one of the country's largest mortgage lenders reached a record level.
Countrywide Financial Corporation reported $38 billion in March fundings, a 23% jump from February and nearly one and one-half times more than a year ago. At $102.4 billion, production during the first quarter reached a milestone.
"The positive momentum created by low mortgage rates in 2002 has been carried into the first quarter of 2003, with clear indications that it will be sustained in the near-term," said Chief Operating Officer Stanford L. Kurland.
Broken down by origination channel, consumer markets and wholesale lending each represented about 24% of the total, with correspondent lending taking up just a tad more than half.
About one-fourth of production for the Calabasas, California company was for purchase.
Countrywide said its servicing portfolio now exceeds 4 million loans and one-half trillion dollars. Delinquency was reported at 3.77%.