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Awesome August at Countrywide

$31.1 billion production, record non-refi activity

September 13, 2004

By MortgageDaily.com staff

Once again, Countrywide Financial Corp. racked up record originations for its non-refinance fundings while increasing its overall volume from the prior month. And in the process, its servicing portfolio inched closer to $1 trillion.

The Calabasas, Calif.-based lender reported August production of $31.1 billion, up 5% from the previous month. However, the volume is down from the figure a year ago of nearly $41.0 billion.

"Countrywide's well-balanced business model continues to produce strong operational results amidst a transitional environment," said Stanford L. Kurland, president and chief operating officer, in a prepared statement. "Compared to a year ago, the total mortgage origination market is smaller as a result of lower refinance volume. This impact has been mitigated by Countrywide's dramatic growth in purchase fundings and record volumes of adjustable-rate, home equity and subprime loans."

Purchase activity rose to a new record for the sixth consecutive month as it got nearer to $18 billion, the company said.

Adjustable-rate mortgage volume of $18.3 billion, home equity fundings of $3.1 billion and subprime originations of $4.3 billion, were all new records and marked the seventh consecutive milestone in home equity and subprime volume, according to the earnings report.

Correspondent lending volume reportedly continued to contribute the most -- over $11 billion -- to monthly production, followed by consumer originations of $9 billion, wholesale volume of $6 billion, and capital markets and treasury bank combined fundings of nearly $5 billion.

Kurland pointed out that the size of the servicing portfolio grew 29% year-over-year to a record $765.3 billion, and added that the company has set "sights on becoming the industry's No. 1 servicer."

Countrywide was recently ranked as the seventh fastest growing company in the nation by Fortune magazine.

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