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Fundings Tank at Countrywide

$94.6 billion 3rd quarter volume

October 11, 2007

By MortgageDaily.com staff

Monthly and quarterly loans originations tumbled at Countrywide Financial Corp. Nonprime, correspondent and variable-rate activity saw massive declines while delinquency and foreclosures jumped. But the size of the company's servicing portfolio managed an increase.

Third quarter residential production was $94.6 billion at the Calabasas, Calif.-based company -- sinking from $130.2 billion the prior quarter and $113.7 billion a year earlier, according to a monthly summary of performance data released today. The figures were derived from a total of 528,320 loans funded during the period.

Subprime production, at $3.3 billion, fell from $5.7 billion during the second quarter, Countrywide said. Home equity volume was $8.7 billion, off from $10.6 billion.

For just September, total residential fundings were 115,504 loans for $21.2 billion, dropping from $34.4 billion the prior month and $38.1 billion the prior year. Subprime accounted for only $0.3 billion of the month's activity while home equity fundings represented $1.6 billion.

The lender's loan pipeline ended the period at $41.5 billion, falling for the fourth consecutive month.

Countrywide said its own loan officers produced $9.3 billion of September's volume, while correspondent lenders sold $8.6 billion to the company and brokers originated $3.1 billion. Correspondent business saw the biggest monthly decline at 45 percent.

Adjustable-rate mortgages accounted for about 18 percent of last month's activity -- a far cry from 41 percent a year earlier, the data indicated. Purchases represented 45 percent of volume.

Countrywide said it serviced about 9 million loans for $1.459 trillion as of Sept. 30 -- one of the few areas where it saw growth. Delinquency, based on dollar volume, was up for the sixth consecutive month to 5.85 percent, according to the report. Foreclosures, which have risen each of the last 12 months, now stand at 1.27 percent.

Headcount at the company reportedly was 55,932 at the end of last month -- down about 5,000 for the month but within a range it has maintained over the past year. But those numbers are headed lower based on Countrywide's announcement last month it would eliminate 12,000 jobs this year.

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