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Non-Refi Activity Still Strong at Countrywide

$30 billion July production

August 10, 2004

By MortgageDaily.com staff

While overall monthly production declined at Countrywide Financial Corp., the company continued to generate record non-refiinance activity and moved up a notch among the largest servicers.

The financial services provider reported total production slipped to $30.0 billion in July from the previous month's $32.0 billion. The total is way off the $51.8 billion reached in July 2003, which was the largest funding month ever at the company.

Edging up to a new record for the fourth month in a row, purchase fundings totaled $18.0 billion.

Home equity fundings of nearly $3 billion and subprime volume of nearly $4 billion, marked new records in each category for the sixth consecutive month, according to the California-based lender. Adjustable-rate mortgage activity, however, swerved from the milestone course as it slipped to $17 billion.

Correspondent channel fundings contributed over $10 billion of the latest volume, followed by consumer markets division production of nearly $9 billion and wholesale originations of $5 billion, the company reported. The remaining portion was derived from Capital Markets and Treasury Bank fundings.

The servicing portfolio continued its climb, ending the month at a record $747 billion, up 30% from last July, Countrywide said. The portfolio's delinquency nudged up 3 basis points from June to 3.51%, while the percentage of foreclosures pending remained unchanged at 0.37%.

"Countrywide remained the #1 mortgage lender in the second quarter and rose to become the second largest servicer," company CEO Stanford Kurland, said in a written statement. "Our growing strength in Mortgage Banking, coupled with sound performance from our Diversified Businesses, continues to enhance Countrywide's position to perform well in a variety of interest rate environments."

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