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Countrywide Reports Record-Breaking Applications, Pipeline and Fundings in November

CALABASAS, Calif., Dec. 10 /PRNewswire/ -- Countrywide Credit Industries, Inc. (NYSE: CCR), a diversified financial services provider, released operational data for the month ended November 30, 2001.

"Countrywide set new all-time records again in November for applications, pipeline and fundings," noted Stanford L. Kurland, chief operating officer. "Average daily loan applications advanced to $1.23 billion, an increase of over 200 percent from last year. The pipeline of loans-in-process at November 30, 2001 grew to $31.4 billion, a 218 percent increase from last year. The record pipeline is a leading indicator of strong future fundings.

"Fixed-rate, 30-year mortgage rates today are just below 7 percent. These rates, while up from the lows reached in November, represent a rate roughly equivalent to the average rate offered over the first 11 months of this calendar year. Despite higher rates, today's environment bodes well for anticipated application and funding volume. In fact, average daily applications month-to-date in December have been $1.05 billion.

"November's production reached $17.1 billion, up 185 percent year-over-year and 15 percent sequentially. In just nine months, loan production reached $106.4 billion, surpassing our full year production record established in fiscal 1999. Record-setting performance in all divisions -- retail, broker and correspondent -- were key drivers of our November growth. Home purchase loan trends remain positive in November at $5.5 billion, representing a 26 percent increase over November 2000. Home purchase loans are still our long-term strategic focus because of their stable and recurring nature.

"Our servicing portfolio hit a new high of $331 billion in November, rising 18 percent over last year's $282 billion," Kurland said. "Sustained growth in servicing now is significant because it demonstrates our ability to expand servicing in the most challenging environments. The ability to grow fundings faster than prepayments was demonstrated again this month as production exceeded prepayments by a record $6.5 billion.

"Countrywide's other subsidiaries delivered strong performance, demonstrating the success of our diversification initiatives," Kurland added. "The LandSafe loan closing services group reported significant year-over-year unit increases as credit reports rose by 145 percent, appraisals and title reports by 104 percent, and flood determinations by 152 percent.

"We continue to make progress with our insurance carrier and agency business. Carrier monthly net written premium was $37 million, a gain of 76 percent over last November. Agency annual premium has grown 23 percent to $265 million and policies-in-force grew 13 percent to 562,000.

"Countrywide Capital Markets, our investment banking subsidiary, has achieved an extraordinary milestone. Trading volume exceeded $1 trillion year to date, up from $494 billion for the same period last year. November volume reached $153 billion, up 18 percent sequentially and 152 percent year over year. Global Home Loans, our European mortgage processing joint venture, processes over 15,000 loan originations per month and subservices over $42 billion for over 760,000 customers in the United Kingdom. Treasury Bank, our newest diversification initiative, now has $878 million in assets, in line with our expectations.

"Countrywide's exceptional performance in November clearly demonstrates the effectiveness of our business model and execution capability," Kurland concluded. "While our core business has maintained its trend of strong performance, our prospects for future growth are enhanced by our diversification initiatives."


                             OPERATING STATISTICS (1)

                              (Dollars in Millions)

                                     November       November      Fiscal YTD

                                     2001 (2)         2000



       Average Daily Loan

        Applications                   $1,232           $406           $836

       Total Mortgage Loan Pipeline

        (loans in process)            $31,370         $9,853

       Consumer Markets

        Division Fundings              $5,270         $1,785        $33,470

       Wholesale Lending

        Division Fundings              $5,695         $1,784        $34,513

       Correspondent Lending

        Division Fundings              $6,089         $2,405        $38,436

          Total Loan Fundings         $17,054         $5,974       $106,419

       Purchase Fundings               $5,485         $4,344        $46,336

       Refinance Fundings             $11,569         $1,630        $60,083

       Total e-Commerce Fundings (3)   $8,172         $2,287        $50,384

       Home Equity Fundings              $660           $417         $4,927

       Sub-prime Fundings                $597           $374         $4,778

      Loan Closing Services (units)

       Credit Reports                 340,737        139,252      2,347,291

       Appraisals                      39,023         19,153        292,287

       Title Reports                    5,232          2,561         33,286

       Flood Determinations           133,113         52,759        883,350

      Servicing (4)

       Volume                        $331,032       $281,522

       Units                        3,197,480      2,839,905

       Prepayments in Full            $10,508         $2,311        $65,653

       Bulk Servicing Acquisitions       $607           $708         $3,185

       Portfolio Delinquency (%)

        - CHL (5)                       4.92%          4.58%

       Foreclosures Pending (%)

        - CHL (5)                       0.56%          0.43%



       Current Month Net Written

        Premium                           $37            $21           $280


       Annual Premium on

        Policies-in-Force                $265           $216

       Policies-in-Force (units)      561,868        495,224


      Securities Trading Volume      $152,786        $60,693     $1,056,876

     BANKING (6)

      Assets held by Treasury Bank       $878             --

     Working Days                          21             21            193

     (1) The above data reflect current operating statistics and do not

         constitute all factors impacting the quarterly and  annual financial

         results of the company.  All figures are unaudited and monthly

         figures may be adjusted in the reported financial statements of the

         company.  Such financial statements are provided by the company

         quarterly.  The company makes no commitment to update this

         information for changes in circumstances or events which occur

         subsequent to the date of this release.

     (2) Nine month of fiscal year ending December 31, 2001.  Beginning

         January 1, 2002 Countrywide will report on a calendar year basis.

     (3) Includes loans originated through the Internet and telemarketing in

         the Consumer Markets Division and Full Spectrum Lending Inc., and

         loans purchased through the Internet by the Correspondent Lending


     (4) Includes warehouse loans and loans under subservicing agreements for

         other clients.

     (5) Based on number of loans excluding subserviced loans for other

         clients and Ginnie Mae rewarehouse loans sold into a third

         party-owned conduit.

     (6) Treasury Bank was acquired May 18, 2001.
Founded in 1969, Countrywide Credit Industries, Inc. is a member of the S&P 500 and Forbes 500. The company provides mortgage banking and diversified financial services in domestic and international markets. Mortgage banking businesses include loan origination and servicing primarily through two of the company's wholly-owned subsidiaries: Countrywide Home Loans, Inc., which originates, purchases, securitizes, sells and services prime-quality loans; and Full Spectrum Lending, Inc., a sub-prime residential lender. Also included in Countrywide's mortgage banking sector is LandSafe, Inc., a provider of loan closing services. Diversified financial services encompass insurance, capital markets, banking and global operations largely through the activities of Balboa Life and Casualty, a national provider of property, liability, and life insurance; Countrywide Capital Markets, a mortgage-related investment banker; Treasury Bank, Ltd., a banking entity offering customers CDs, money market accounts and home loan products; and Global Home Loans, a European mortgage banking joint venture in which Countrywide holds a majority interest.

For more information about the company, visit Countrywide's website at http://www.countrywide.com .

Certain of the information included in this press release may contain forward-looking statements. These forward-looking statements are subject to certain risks and uncertainties, which could cause actual results to differ materially from historical results or those anticipated due to a number of factors such as the direction and level of interest rates, competitive and general economic conditions in each of our business sectors, expense and loss levels in our mortgage, insurance and other business sectors, general economic conditions in the United States and abroad and in the domestic and international areas in which we do business, the legal, regulatory and legislative environments in which the company operates, valuation of our assets and effectiveness of our hedging activities under existing or future accounting standards, performance of individual securities, financial instruments and markets as a whole in response to world events, changes in accounting and financial reporting standards, decisions by the company to change its business mix, and other risks detailed in documents filed by the company with the Securities and Exchange Commission from time to time. Words like "believe", "expect", "should", "may", "could", "anticipated", "promising" and other expressions which indicate future events and trends identify forward-looking statements. The company undertakes no obligation to publicly update or revise any forward-looking statements.

Countrywide Credit Industries, Inc.

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