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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.

Robust Lending Environment for Countrywide

$120 billion 2nd quarter production

July 14, 2005

By MortgageDaily.com staff

In what appears to be an emerging trend, Countrywide Financial Corp. reported quarterly production soared from the prior period.

Residential mortgage loan fundings were $120 billion during the second quarter, according to an operational data report released today, up 31% from the previous quarter. Countrywide said originations were 21% better than a year ago.

For just June, the Calabasas, Calif.-based giant reported $47 billion in production, way up from $39 billion the prior month. Correspondent originations accounted for $18 billion, while direct volume was $14 billion and wholesale fundings were $7 billion.

Purchase fundings made up $61 billion of second quarter volume, the announcement said, while ARM fundings were $67 billion.

Countrywide reported nonprime fundings during the latest three-month period were $10 billion, edging up from the first quarter. Home equity originations were $11 billion, rising from $9 billion.

The positive production results echo surging second quarter activity reported by IndyMac and New Century.

"The second quarter of 2005 was characterized by falling long-term interest rates which created a robust mortgage origination environment," said Countrywide president Stanford L. Kurland in the announcement. "In support of record quarterly bank asset growth, $15.7 billion in loans produced were retained at the bank rather than sold, compared to $8.5 billion that was retained by the bank last quarter."

The lender said its mortgage pipeline ended the period at $77 billion.

The mortgage servicing portfolio grew to $964 billion, the mortgage banker reported.

Nonprime and Subprime News | Subprime Statistics
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hard money lending. Home-equity loans and home-equity lines of credit.

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