Mortgage Daily Logo
mortgage news from industry experts

Countrywide Fundings Soar

Countrywide Breaks Three Records

April production $35.8 billion

May 10, 2004

By MortgageDaily.com staff

Month-to-month loan fundings were up at Countrywide Financial Corp., with record levels of activity achieved in subprime fundings, home equity fundings and ARM fundings.

The Calabasas, Calif.-based thrift reported last month’s loan fundings totaled $35.8 billion, up from March’s $32.3 billion. However, the total is below volume of $42.3 billion a year earlier.

“Our scalable production infrastructure enabled the Company to generate loan origination volume during this latest mini refi boom,” chief executive officer Stanford Kurland said in a written statement. “Equally important, our ability to grow purchase market share and recapture loans that refinance fuel growth in our servicing portfolio.”

Purchase fundings reached a record high of $14 billion, while non-purchase loans made up nearly $22 billion, according to the report.

Countrywide said correspondent fundings contributed $14.4 billion to the latest volume, consumer market fundings aggregated $11.1 billion and wholesale loan volume accounted for $7.7 billion. Capital Markets and Treasury Bank fundings made up the rest.

Adjustable-rate loan production was $16 billion for the month, home equity fundings totaled $2 billion, and subprime volume $3 billion, the lender said, adding that each category reached new record monthly funding levels.

The size of the servicing portfolio was reported at $694 billion — 33% greater than a year ago. April delinquency edged down 1 basis point from the previous month to 3.19%, while foreclosures pending fell 4 basis points to 0.38%.

Countrywide said it was the top loan originator during the first quarter with a market share of 13% — nearly 2 percentage points greater than the next closest competitor — and concluded that “April’s operating results provide an early indication of solid performance in the second quarter as well.”

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