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Countrywide Business Better

$44.4 billion May production

June 12, 2007

By MortgageDaily.com staff


Residential and subprime volume improved at Countrywide Financial Corp. while home equity business and delinquency worsened.

Residential fundings were 233,282 loans for $44.4 billion during May, according to the Calabasas, Calif.-based company's operational results announced today. In April, originations were $40.5 billion, while fundings were $38.7 billion in May 2006.

As of May 31, Countrywide's residential pipeline was $69.7 billion, up slightly from the prior month.

Correspondent acquisitions accounted for $20.8 billion of May's activity, while retail fundings were $14.4 billion and broker business was $8.1 billion, the report indicated. Purchase money mortgages represented 42 percent of the latest month's numbers.

May's home equity originations were $3.4 billion, off slightly from $3.5 billion a month earlier, Countrywide said. Nonprime fundings totaled $2.2 billion, climbing from $1.7 billion in April.

The mortgage banking behemoth's massive residential servicing portfolio was reported at 8.6 million loans for $1.393 trillion -- rising from $1.371 trillion as of April 30. Delinquency, based on the unpaid balances, was 4.44 percent, increasing from 4.23 percent a month earlier. Foreclosures were 0.90 percent, rising from 0.85 percent.

Commercial mortgage production was 170 units for $1.2 billion last month, rising from $0.9 billion during April, the press release indicated. The commercial loan pipeline was $2.3 billion on May 31, falling $0.5 billion from a month earlier.

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