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Mixed Results at Countrywide

$73.0 billion Q1 production

April 29, 2008

By MortgageDaily.com staff

Quarterly fundings improved at Countrywide Financial Corp., though delinquency and earnings worsened.

First-quarter residential originations were $73.0 billion, according to earnings data released today. Fundings increased from $68.5 billion in the fourth quarter but tumbled from $115.0 billion a year earlier. Including commercial production of less than $0.1 billion, the number of mortgages funded in the first quarter was 347,937.

Countrywide said its loan pipeline was $45.5 billion on March 31, off from $47.6 billion on Feb. 29.

Government fundings accounted for $10.2 billion of the latest period's production, while adjustable-rate mortgages originated were $12.2 billion and home-equity loan volume was $2.2 billion, the report said. Purchase transactions were $20.7 billion.

The Calabasas, Calif.-based company reported a residential servicing portfolio of 9.0 million loans for $1.484 trillion. Loans held for investment ended the first quarter at $95.3 billion.

Total delinquency on the portfolio reportedly ended the quarter at 9.27 percent, rising from 9.08 percent at the end of the prior month, 8.64 percent at the end of the prior quarter and 4.90 percent the prior year.

First-quarter earnings were a loss of $893 million, compared to a $422 million loss in the fourth quarter and a $434 million profit a year earlier, Countrywide said. Earnings included $1,499 million in mortgage banking credit-related charges.

There were 50,549 people employed at the end of March, higher than 50,169 at the end of February but off from 50,600 people as of Dec. 31, 2007, the data indicated.

Countrywide is expected to be acquired in the third quarter by Bank of America Corp., which has indicated it will operate combined mortgage operations from Calabasas under current Countrywide President David Sambol -- though it plans to dump the Countrywide brand.

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