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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 Fundings Off, Pipeline Strong

$34.4 billion April volume

May 9, 2005

By MortgageDaily.com staff

Sinking subprime originations dragged down overall production at Countrywide Financial Corp. But a growing pipeline gives cause for a glowing outlook.

Mortgage fundings were $34.4 billion during April, according to a monthly summary released today, off 5% from the prior month and down 4% from the prior year.

Countrywide cited two fewer working days in its announcement.

Just under half the month's production was purchases, the Calabasas, Calif.-based lender reported, while adjustable rate fundings were $19.6 billion.

Home equity loans originated were $3.5 billion, Countrywide said, up slightly from March. Nonprime fundings were reported at $2.9 billion during April, declining 13% from the prior month.

As for future business, the mortgage banking giant said its pipeline climbed to $66 billion at the end of April, "its highest level since July 2003, driven in part by a decline in the 10-year US Treasury yield since March 31, 2005."

In recent days, the 10-year Treasury yield has climbed to 4.288% -- "the highest yield seen since Apr. 27," according to MarketWatch.

Countrywide's $914.5 billion servicing portfolio had a 3.31% delinquency rate, according to the summary, while foreclosures pending were 0.39%.

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hard money lending. Home-equity loans and home-equity lines of credit.

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