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Countrywide Activity Deteriorates

$59.0 billion Q2 volume

July 21, 2008

By MortgageDaily.com staff

During its last quarter as an independent company, Countrywide Financial Corp. saw production tumble and losses soar. While the firm will continue its indirect business channels, some programs are being eliminated.

Residential originations totaled $59.0 billion, according to operating data included in the second-quarter earnings report for Bank of America Corp., which acquired Countrywide on July 1. Fundings tumbled from $73.0 billion in the first quarter and $130.2 billion a year earlier. For the first half of 2008, total production was $132.0 billion.

Included in the latest figures were $18.7 billion in government fundings, $6.8 billion in adjustable-rate mortgage originations and $1.2 billion in home-equity loan fundings. Purchase transactions accounted for $25.2 billion.

The Calabasas, Calif.-based company's mortgage loan pipeline was $25.8 billion on June 30, sinking from $45.5 billion on March 31.

The servicing portfolio ended the second quarter at 8.9 million loans for $1.485 trillion, edging up from $1.484 trillion three months earlier. Total loans on the balance sheet were $111.1 billion on June 30, including $11.8 billion in loans held-for-sale and $99.3 billion in loans held-for-investment.

Delinquency of at least 30 days on loans held-for-investment was 5.1 percent at the end of the second quarter.

Countrywide had a second-quarter pre-tax loss of $3.8 billion, reflecting a $2.3 billion provision for credit losses, a $760 million provision for rep and warranties and $630 million in losses from securities impairments and capital markets activities. The company had a first-quarter loss of $1.5 billion.

Headcount at Countrywide was 49,979 at the end of June, down from 50,549 people employed at the end of March.

BoA noted that management teams are largely in place and that it has reaffirmed its commitment to the wholesale and correspondent mortgage channels. However, the company has no interest in continuing subprime programs and other nontraditional programs such as option-ARMs. In addition, low-documentation programs will be significantly curtailed.

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