The country's largest originator has eased its aggressive market share plans.
Countrywide Financial Corp. announced Tuesday it intends to achieve a 30% market share by 2010 -- much less aggressive than its previously announced plans to accomplish the feat in three years.
Countrywide Chief Executive Angelo Mozilo said in the announcement the prior target "was intended to be a stretch goal, as it is part of our culture to set aggressive targets."
According to the Calabasas, Calif.-based lender, it finished 2004 with 15% of the market share even as volume fell 17 percent annually to $363 billion. In the first quarter this year, production slid 4% from the prior quarter to $91 billion.
"In light of our current activities as well as current and expected market conditions, we have revised the timeframe to 2010," Mozilo added. "We view the new timetable as being consistent with the objective of optimizing profitability."
Among other goals Countrywide is reportedly planning to achieve within the decade are annual mortgage originations of about $1 trillion, a mortgage servicing portfolio -- which was $893 billion as of the end of the first quarter -- exceeding $2.5 trillion and a servicing market share of more than 20 percent.