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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.

3-Month Decline at Countrywide

November production $42.9 billion

December 8, 2005

By MortgageDaily.com staff

Originations fell for the third consecutive month at Countrywide Financial Corp.

November residential mortgage fundings were $42.9 billion, nearly $4 billion worse than the prior month, the Calabasas, Calif.-based behemoth reported today. Production is $11 billion better than last year.

The correspondent channel captured 43% of Countrywide's latest monthly volume, the report said, while direct lending represented 29% and wholesale lending had a 16% share. The rest was originated by Countrywide Bank, capital markets and Countrywide Bank investment portfolio.

The mortgage banker reported its pipeline of $69 billion was off about $2 billion from the prior month.

Home equity originations were $3.8 billion, edging up from October, Countrywide said. Nonprime volume was unchanged at $3.9 billion.

Purchase fundings represented 46% of November's numbers, according to the announcement, and adjustable rate loans accounted for half. "Pay-option" production was about $8 billion -- nearly double compared to a year ago, while Interest-only originations were also up significantly to nearly $9 billion.

Countrywide's servicing portfolio was $1.1 trillion, the report said.

"Our status as the nation's largest residential mortgage originator and servicer, along with strong contributions from our other business lines, provides us with a solid foundation for continued success," said Stanford L. Kurland, Countrywide's president, in the statement.

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