Purchase fundings reach all-time high

August 9, 2002

By MortgageDaily.com staff


Reflecting the currently low interest rate environment, Countrywide Credit Industries, Inc. announced that July loan production was near its all-time record. The company reported record purchase production.

Countrywide said mortgage loan production during July was $17.1 billion, up from $14.4 billion in June. Production levels are nearing the record of $17.6 billion set in December 2001. A year ago, production at the company was $10.5 billion.

The Calabasas, California lender reported record purchase production of $8.5 billion. "It is notable that in the midst of a robust refinance market, purchase fundings accounted for roughly half of total loan fundings in July," said chief operating officer Stanford L. Kurland. "Our success in growing purchase fundings should position us well for future production performance in the mortgage banking sector."

Kurland also noted that application and pipeline trends indicate robust near-term loan fundings.