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Countrywide April Off

$36.0 billion volume

May 10, 2006

By MortgageDaily.com staff


Countrywide Financial Corp. started the second quarter with lower monthly production, though its nonprime numbers held up.

Residential mortgage fundings were 195,150 loans for $36.0 billion during April, off from $39.8 billion the prior month, the Calabasas, Calif.-based company reported today. The latest figures, however, are better than the $34.4 billion announced for April 2005.

May originations don't appear to be headed higher either, as April's mortgage pipeline of $63.7 billion was off about $0.5 billion from March, the statement said.

Direct lending accounted for 32% of Countrywide's reported volume last month, while secondary marketing transactions made up 30% and brokers supplied 19%. The rest was originated by capital markets and Countrywide Bank.

Purchase-money business made up 46% of the month's transactions, Countrywide said, while adjustable-rate mortgages represented 48%.

Home equity fundings were off $0.3 billion from March to $3.9 billion, while nonprime fundings held steady at $3.3 billion, according to the announcement.

As of April 30, Countrywide reportedly serviced 7.6 million mortgages totaling $1,164 billion.


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News about wholesale lenders, correspondent lenders and wholesale mortgage lending programs. Alt-A, subprime and other niche loan programs. Lawsuits between wholesalers and brokers.




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