home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News


Mortgage News

HOT Topics









site map

twitter linkedin
facebook google+

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

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.

Countrywide Volume Falling

$39.1 billion July production

August 14, 2007


Monthly loan originations fell at Countrywide Financial Corp. and may be headed lower. A year-over-year increase would have turned to a decline had it not been for a jump in correspondent purchases.

July residential fundings were 220,605 loans for $39.1 billion, according to a monthly operational summary released today. Production dropped from 240,777 loans for $45.3 billion in June but improved from 198,580 units for $36.9 billion a year earlier.

The decline was attributed to tighter lending guidelines, Countrywide President David Sambol said in the statement.

Correspondent sellers contributed the biggest chunk to the Calabasas, Calif.-based company's business last month, with $19.3 billion in reported purchases compared to $14.0 billion in July 2006. Retail lending accounted for $12.7 billion of business during the latest month, while brokers funded $6.6 billion.

Slightly less than half of July activity was for home purchases while just over one-quarter was adjustable rate, according to the report. Home equity business was $3.9 billion and nonprime fundings were $1.8 billion.

Countrywide said its residential loan pipeline was $62.3 billion on July 31, falling from $68.5 billion at the end of the previous month.

The company said its massive servicing portfolio edged up to 8.8 million mortgages for $1.434 trillion as of July 31. Delinquency based on dollars outstanding was 4.89 percent, higher than 4.77 percent a month earlier and 3.61 percent a year earlier. Foreclosures pending have more than doubled over the past year to 1.04 percent.

Sambol stated that Countrywide "last month regained its position as the largest in the nation." But Wells Fargo & Co. reported its total managed servicing portfolio reached $1.467 trillion in June -- eclipsing the $1.416 trillion reported by Countrywide.

Countrywide spokesman Rick Simon said the discrepancy was most likely is the result of commercial mortgages being included in Wells Fargo's figures.

Countrywide said it closed 103 commercial mortgages last month for $0.8 billion, mostly unchanged from June.

Countrywide employed 61,589 people at July's end, up more than 1,000 from June 30, the data indicated. About half of the headcount gain was due to an increase in loan origination employees, while more than 100 employees each were added to loan servicing, global operations and corporate overhead.

Sam Garcia worked in mortgage lending for twenty years prior to becoming publisher of MortgageDaily.com.

e-mail: [email protected]

Commercial Mortgage News | CRE Lender Directory | CRE Statistics
Stories about commercial lending on multifamily, office, retail and industrial properties.

Servicing News | Servicer Ranking | Delinquency Statistics
Stories about mortgage servicers, delinquency and f o r e c l o s u r e s. Coverage of servicing lawsuits and loan servicing technology.

Nonprime and Subprime News | Subprime Statistics
Stories about non-QM products. Coverage of subprime, Alt-A and
hard money lending. Home-equity loans and home-equity lines of credit.

Secondary Marketing News | Correspondent Lender Directory
Mortgage portfolio trades and forward commitments. Correspondent lending, r e p u r c h a s e s and warehouse news. Secondary marketing statistics and lawsuits.

Mortgage Employment News | Employment Index | Employment Statistics
Job additions, layoffs and employment lawsuits. Employment data from the Department of Labor, state tracking, reports and analysis. Job finding tips.

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter


mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders