Mortgage Daily Logo
mortgage news from industry experts

Countrywide 2002 Production 1/4 Trillion

Countrywide 2002 Production 1/4 Trillion

December production $35.2 billion

January 13, 2003

By MortgageDaily.com staff

Countrywide Financial Corporation announced personal-bests in total fundings during the fourth quarter and the month of December.

The Calabasas, Calif.-based company reported $102.1 billion in total fundings for the quarter, which is the first time Countrywide has produced a $100 billion-quarter. That’s an almost 60% increase from the $64 billion in loan fundings reported during the third quarter.

Countrywide reported a monthly record in total fundings with December’s $35.2 billion. That’s a 9.3% increase over November’s $32.2 billion in lending, and it doubles the $17.5 billion funded during December 2001.

“Our mortgage banking business has produced record breaking results throughout the year, and our diversified businesses have concurrently evolved, setting their own new benchmarks and demonstrating our ability to leverage our core competencies in mortgage banking,” CEO Stanford L. Kurland said.

Year-to-date, the company reported funding $250 billion, an 82% increase from the $138.2 billion produced in 2001.

Total purchase fundings for December reached $8.8 billion, a 12.8% increase over November’s $7.8 billion, and a 71% jump from December 2001. Purchase fundings for the full year reached $86.4 billion, a 65% increase over 2001.

“Our accomplishments in the purchase market set the tone for our production business to perform effectively in a rising interest rate environment,” Kurland said.

December’s subprime funding reached almost $1.2 billion. That figure holds steady from November, which also produced just more than $1 billion. The company produced $802 million in subprime loans during December 2001.

Countrywide’s portfolio balance is at $452 billion, a 34% increase over last year’s almost $337 billion.

Countrywide was founded in 1969. During late-morning trading, its shares were up $0.41 at $54.42, according to CBSMarketwatch.com.

Popular posts

How Long Does It Take to Refinance a Mortgage
How Long Does It Take to Refinance a Mortgage

So, you’re interested in refinancing your mortgage. Maybe you want some extra capital to do that home project you’ve always dreamed of, interest rates are nearing record lows, or you want to start consolidating debt. Regardless of the motivation behind the refinance,...

How Does Refinancing a Mortgage Work
How Does Refinancing a Mortgage Work

A home purchase is considered an investment, and a robust one at that. Savvy owners are constantly looking for new ways to reduce debt, save money, pay less in interest, and ultimately build equity. Refinancing is one way to leverage your investment and do just that....

What Does It Mean to Refinance Your Home
What Does It Mean to Refinance Your Home

You can think of refinancing your mortgage as a debt redo. Essentially, you’ll swap out the existing loan for a new one - ideally with better terms and conditions. Only this time it could help you save money on high mortgage payments, rather than just borrow it....

Setting up the Utilities in My New House
Setting up the Utilities in My New House

All the tedious, time-consuming home closing documents have been signed, sealed, and delivered. Your belongings are packed into what seems like a million boxes and you have a solid plan to haul all your existing furniture to the new place. Just as your boxes and...

When Is My First Mortgage Payment Due?
When Is My First Mortgage Payment Due?

Navigating your way through a brand new mortgage loan can be a difficult task, especially for first time homeowners. After handing over a large sum of money for the down payment and closing costs, it’s important to pay attention to the timing of your first mortgage...

Newsletter

Don’t worry, we don’t spam

calculate your monthly mortgage payment

Related Topics

Helpful Links

Daily mortgage rate trends

Best mortgage lenders

First-time homebuyers programs by state

Loan limits by state

Types of mortgages

APR vs interest rate

Understanding PMI

Related Posts

THE TRUSTED PROVIDER OF ACCURATE RATES AND FINANCIAL INFORMATION