Countrywide Financial Corp. expects to report losses from the Gulf storms later this month. But for now, the company reported fantastic fundings during the latest quarter.
Third quarter production was $146.0 billion, according to an announcement today, up from $120.0 billion in the prior quarter and nearly 60% higher than a year ago.
"Operationally, September provided a strong finish to a record-breaking third quarter," said Countrywide President Stanford L. Kurland in the statement.
For just September, fundings were reported at $48.8 billion, off from $53.1 billion in August.
Countrywide's correspondent division was responsible for $21.8 billion of September's originations, the report said. Consumer fundings were $13.3 billion, while wholesale was $7.7 billion. Countrywide Bank, Capital Markets and Countrywide Bank Investment accounted for the rest.
Home equity fundings reached $3.8 billion in September, the Calabasas, Calif.-based behemoth said. Nonprime volume was $4.0 billion. For the third quarter, nonprime and home equity production totaled $23.8 billion.
Adjustable rate loans and purchases each accounted for just under half of originations, the mortgage banker reported.
The third quarter ended with a slight increase in the $1.0 trillion portfolio, according to the announcement. Countrywide said delinquency on the portfolio was 4.03%.
"Countrywide continues to assess the impact of Hurricane Katrina on our businesses, assets and operations," Kurland added. "We expect to provide an estimate of losses when we report our third quarter earnings results on October 27, 2005."