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 Blows Past Prior Records

Measure of future activity greatest ever

November 11, 2002


Countrywide Credit Industries, Inc. reported another record breaking month with its funding volume, pipeline, and servicing portfolio.

Total loan fundings for October reached an all-time high of $34.7 billion, a 37% increase from September's $25.3 billion and more than double the fundings during Oct. 2001. Year-to-date (YTD) fundings total $185 billion.

"Countrywide continues to capitalize on opportunities within the growing purchase mortgage business which is less sensitive to interest rate movements," chief operating officer Stanford L. Kurland said.

Purchase fundings reached $9.4 billion, 13% over the prior record of $8.3 set in August and 21% over September's $7.8 billion. During the same period last year, the company reported $5.1 billion in purchase loans, an 84% difference from the new record set this month. YTD, purchase fundings have reached $70 billion.

The Federal Open Market Committee announced a rate cut Wednesday that some analysts say may stimulate the industry, if only in the adjustable rate mortgage department.

"Given our pipeline activity and the Federal Reserve's recent decision to cut interest rates by 50 basis points, we expect continued robust funding levels in the near term," Kurland said.

The lending giant reported a record $52 billion in its mortgage loan pipeline, a measure of upcoming fundings. This figure represents only a 1.4% increase from the previous record in September, but it's 86% more in the pipe than last year.

The company's servicing portfolio hit a record $422 billion in October, according to the report.

"While our mortgage banking business continues to set new records, buoyed by historically low interest rates and our strategically designed macro-hedge strategy, we are equally optimistic about the results achieved in our diversified businesses," Kurland said.

According to CBS.MarketWatch.com, Countrywide was down $0.34 from yesterday's close to $50.52 near noon trading.

Christy Robinson is the editor of MortgageDaily.com. She received a bachelor's degree in news-editorial journalism from The University of Texas at Arlington. Her work has previously been published in The Dallas Morning News.

email Christy at: [email protected]

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