Mortgage Daily Logo
mortgage news from industry experts

Countrywide Closings Climb

Countrywide Closings Climb

$23.3 billion up from prior month but off from prior year

March 11, 2004

By MortgageDaily.com staff

Driven by a rise in its refinance business, mortgage loan production for Countrywide Financial Corporation rose from January, but is still down from last year.

The Calabasas, Calif.-based lender reported $23.3 billion in loan fundings during February, up 13% from the prior month but still off by a quarter from February 2003.

“The rate environment was a key driver for exceptional performance in the production sector,” said chief operating officer Stanford Kurland in the announcement.

Direct lending accounted for $7.3 billion in volume, while wholesale lending made up $4.8 billion, Countrywide said. About $8.5 billion in loan fundings came from the correspondent channel and the rest from Capital Markets and Treasury Bank fundings.

Subprime mortgages made up $2.1 billion of February’s numbers, according to Countrywide, and home equity loans made up another $1.6 billion.

“Demand for adjustable-rate, home equity and subprime loans remained strong, with average daily funding volume setting new records in each product,” Kurland added.

Refinances represented 60% of the company’s business, up from 55% reported for January.

Countrywide reported a servicing portfolio of $669 billion. February delinquency ended at 3.71% — unchanged from the prior month — the company said, and foreclosures pending edged up one basis point to 0.44%.

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