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Countrywide Improves

$22.0 billion October originations

November 13, 2007

By MortgageDaily.com staff

Countrywide Financial Corp. reported an increase in monthly production and a decrease in its foreclosure rate.

During October, 117,430 residential loans were funded for $22.0 billion, according to operational data released today from the Calabasas, Calif.-based lender. Originations rose from $21.2 billion in September but were well off $41.9 billion reported for October 2006.

Internal Countrywide loan originators were responsible for $9.6 billion of the latest figure, and correspondent acquisitions accounted for $9.0 billion, the report indicated. Mortgage brokers originated $3.1 billion of October's activity, while the rest came from capital markets and banking operations.

Purchases represented $9.3 billion of the latest activity, while adjustable-rate mortgage business was $3.1 billion, Countrywide said.

At $1.4 billion, home equity fundings were down from $1.6 billion the prior month and $4.3 billion a year earlier, according to the data. Nonprime fundings fell to $0.04 billion from $0.3 billion in September and $3.3 billion in October 2006.

Countrywide reportedly serviced 9 million loans for $1.465 trillion on Oct. 31. Delinquency was 5.94 percent of unpaid principal, rising from 5.85 percent the prior month, while foreclosures were 1.23 percent, lower than 1.27 percent in September.

Commercial mortgage volume was $0.4 billion in October, climbing from $0.2 billion the prior month.

Countrywide said it employed 52,775 people at the end of October, including 25,688 loan originators and 8,493 people in servicing.

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