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Countrywide Reports Strong Production Activity for February; Servicing Portfolio Reaches $348 Billion

Countrywide Reports Strong Production Activity for February; Servicing Portfolio Reaches $348 BillionRobust Performance From Diversification Initiatives

CALABASAS, CA (March 8, 2002) — Countrywide Credit Industries, Inc. (CCR) , a diversified financial services provider, released operational data for the month ended February 28, 2002.

“February represented another exceptional month for Countrywide, with strong performance from our core mortgage business and diversification activities,” noted Stanford L. Kurland, chief operating officer. “Average daily loan applications increased 11 percent over last month to $1.05 billion, a level exceeded only at the peak of the current refinance boom. Countrywide’s pipeline of loans in process grew 5 percent over January and reached $24 billion. Current application volume and pipeline levels indicate continued strong loan funding performance for the near future. Despite having only 19 working days in February, total loan fundings were $14 billion with average daily fundings of $736 million, up modestly from daily fundings volume of $706 million in January.

“Home purchase loans remain our strategic focus due to the stable growth in that market,” Kurland continued. “Countrywide’s purchase loan fundings for February reached $5.9 billion, an increase of 6 percent over the prior month and 82 percent higher than the prior year performance. We now also have a commissioned sales force of over 2,000 supporting our goal of growing our purchase market share.

“Countrywide’s servicing portfolio continued its uninterrupted growth and reached $348 billion in February,” Kurland added. “Countrywide’s counter- cyclical production and servicing operations are strategically designed to provide continuous growth of the servicing portfolio. The success of our efforts was evident in February, as loan fundings exceeded prepayments by a record $6.7 billion. This compares favorably to $2.8 billion for the same period last year.

“Countrywide’s business model has been enhanced to include businesses less sensitive to mortgage interest rate cycles,” Kurland added. “The evolution of our Insurance, Capital Markets, Banking and Global businesses are strategically designed to minimize the impact of mortgage interest rate cyclicality on the company today and in the future. Solid performance by our diversification initiatives in February indicates that the businesses are well positioned to meet our expectations for the future.

“Carrier monthly net written premiums were $35 million, an increase of 84 percent over the same month last year. Policies-in-force at our insurance agency were up 12 percent from the prior year and surpassed 574,000. Agency annual premiums on policies-in-force of $279 million were up 23 percent over last year.

“Countrywide Capital Markets, our investment banking subsidiary, had trading volume of $138 billion, up 39 percent over the same period last year. Banking is our newest diversification effort and also affords the greatest growth opportunities. Assets held by Treasury Bank at February 28th were $2.7 billion. We expect banking to provide 25 percent of our consolidated earnings within five years. Global Home Loans, our European mortgage processing joint venture, processes over 15,000 loan originations per month and sub-services over $42 billion for over 760,000 borrowers in the United Kingdom.

“Countrywide’s strong performance in February in both our mortgage-centric and diversified businesses provide further evidence of the effectiveness of our business model to deliver shareholder value today and in the future,” Kurland concluded. “Countrywide is strategically focused on synergistically leveraging our relationships, expertise and technology to maximize earnings and mitigate the impact of interest rate cycles.”


             COUNTRYWIDE CREDIT INDUSTRIES, INC. AND SUBSIDIARIES
																







                           OPERATING STATISTICS (1)
																







                            (Dollars in Millions)
																








																







                                             February      February    Fiscal
																







                                               2002          2001       YTD
																








																







    MORTGAGE BANKING
																







         Production
																







              Average Daily Loan
																







               Applications                    $1,053         $666     $1,010
																







              Total Mortgage Loan
																







               Pipeline (loans in
																







               process)                       $24,238      $15,423
																








																







              Consumer Markets Division
																







               Fundings                        $3,665       $2,456     $7,753
																







              Wholesale Lending Division
																







               Fundings                        $4,244       $2,339     $8,476
																







              Correspondent Lending
																







               Division Fundings               $6,082       $2,635    $12,600
																







                   Total Loan Fundings        $13,991       $7,430    $28,829
																








																







              Purchase Fundings                $5,867       $3,223    $11,404
																







              Refinance Fundings               $8,124       $4,207    $17,425
																








																







              Total e-Commerce Fundings (2)    $6,479       $3,335    $13,431
																







              Home Equity Fundings               $757         $367     $1,510
																







              Sub-prime Fundings                 $565         $489     $1,307
																








																







         Loan Closing Services (units)
																







              Credit Reports                  299,178      181,541    609,111
																







              Appraisals                       26,776       25,125     57,105
																







              Title Reports                     2,950        2,881      5,832
																







              Flood Determinations            122,933       65,954    238,330
																








																







         Servicing (3)
																







              Volume                         $348,306     $293,600
																







              Units                         3,303,824    2,947,927
																







              Prepayments in Full              $7,262       $4,678    $15,820
																







              Bulk Servicing Acquisitions        $349         $701       $745
																







              Portfolio Delinquency (%) -
																







               CHL (4)                          4.76%        4.68%
																







              Foreclosures Pending (%) -
																







               CHL (4)                          0.61%        0.54%
																








																







    INSURANCE
																







         Carrier
																







            Current Month Net Written
																







             Premium                             $35          $19         $86
																







         Agency
																







              Annual Premium on
																







               Policies-in-Force                $279         $227
																







              Policies-in-Force (units)      574,402      514,454
																








																







    CAPITAL MARKETS
																







         Securities Trading Volume          $137,564      $99,142    $283,746
																








																







    BANKING (5)
																







         Assets held by Treasury Bank         $2,713           --
																








																







    Working Days                                  19           19          40
																








																








																







    (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) 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
																







        Division.
																







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







        other clients.
																







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







        clients, GNMA rewarehouse loans sold into a third party-owned conduit
																







        and portfolios purchased at a discount due to their nonperforming
																







        status.
																







    (5) Treasury Bank was acquired May 18, 2001.
MortgageDaily.com           


SOURCE: Countrywide Credit Industries, Inc.

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