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Countrywide Pushes Fundings Higher

$23.1 billion November volume

December 13, 2007

By MortgageDaily.com staff

Countrywide Financial Corp. saw its monthly originations improve. But the story was a different one for delinquency.

Residential production amounted to 125,431 loans for $23.1 billion during November, the Calabasas, Calif.-based company reported today. Fundings rose from 117,430 loans for $22.0 billion in October but were way off 199,929 loans for $38.3 billion a year earlier.

Correspondent lenders accounted for $9.8 billion of November's activity, while retail originators funded $9.5 billion and mortgage brokers generated $3.1 billion, the data indicated.

Countrywide said purchase transactions represented 42 percent of last month's business and adjustable-rate mortgage activity was around 14 percent.

Home equity fundings were reported at $1.90 billion -- rising 40 percent from October, while nonprime fundings were only $0.02 billion -- less than half the prior month's level and barely a fraction of the $3.06 billion closed a year earlier.

Commercial mortgage fundings were 36 loans for $0.1 billion -- less than half the prior month's level, the report said.

The company serviced more than 9 million loans for $1.471 trillion as of Nov. 30, according to the report. Delinquency on the massive portfolio, which has risen each of the past eight months, was 6.52 percent of unpaid principal balances, climbing from 5.94 percent a month earlier. Foreclosures represented 1.28 percent of the servicing portfolio, up from 1.23 percent on Oct. 31.

Countrywide said it employed 23,424 people in loan originations out of a total staff of 51,139 as of the end of last month. While there are 8,482 fewer originators than in November 2006, the number of servicing employees has risen 25 percent to 8,687.

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