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Record Non-Refi Production at Countrywide, Again

$32 billion June production

July 12, 2004

By MortgageDaily.com staff

Month over month volume held steady at Countrywide Financial Corp. -- bolstered by record non-refinance business.

The mammoth mortgage lender reported June fundings of $32 billion, nudging up from the previous month's $31.8 billion. A year ago, production was 34% stronger.

On a quarterly basis, volume reportedly grew 31% from the first quarter, reaching $100 billion in second quarter.

For the third consecutive month, purchase fundings rose to a new record -- accounting for $17 billion of the latest monthly total, the Calabasas, Calif.-based thrift said.

Adjustable-rate mortgage activity was reportedly 54% of June's production, while home equity fundings were $3 billion and subprime mortgages $4 billion -- a record for each of these categories for the fifth month in a row.

"This success is due in part to our focused sales force and scalable infrastructure," said Stanford Kurland, the company's president and chief operating officer, in the announcement.

Countrywide recently announced it was celebrating the 20th anniversary of its wholesale mortgage originations channel. Reportedly ranked as the nation's leading wholesale lender, the California thrift said its wholesale medium started with 100 brokers and currently has more than 30,000.

"The transformation of Countrywide's Wholesale Lending Division over two decades is a remarkable and impressive story of the continuous pursuit of new and better ways to build and strengthen relationships with mortgage originators," Kurland said in the announcement.

Wholesale channel fundings comprised $6 billion of June's volume, while the bulk of originations came from correspondent fundings of nearly $12 billion, the report said. Consumer market division fundings contributed almost $10 billion, and Capital Markets and Treasury Bank accounted for the rest.

The servicing portfolio reportedly ended the month at $726 billion, growing 30% year over year. The portfolio's delinquency improved slightly as it dropped 1 BPS from May to 3.48% Foreclosures pending edged up 1 BPS to 0.37%.

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