Mortgage Daily

Published On: June 8, 2004
Non-Refi Business Continues to Sizzle at Countrywide

May production $31.8 billion

June 8, 2004

By MortgageDaily.com staff

Amidst an overall drop in mortgage loan production, Countrywide Financial Corp. reported — again — record purchase, subprime and ARM fundings.

The Calabasas, Calif.-headquartered lender reported May loan fundings totaled $31.8 billion, down from the previous month’s $35.8 billion and 20% below the volume a year ago.

“Despite the continued rise in rates and decline in refinance activity,” operational results were solid “as the overall market shifts towards purchase mortgages and adjustable-rate mortgage products,” Stanford Kurland, the company’s chief operating officer, said in the announcement.

At $15 billion, purchase activity rose to a record for the second consecutive month, and non-purchase fundings fell from last month to $17.2 billion, according to the report.

Adjustable-rate mortgages comprised almost half — 49% — of fundings as they totaled $16 billion, Countrywide said, adding that it was named the largest lender of this type of mortgage during the first quarter. Meanwhile, home equity volume was over $2 billion and subprime volume was $3 billion. Each category reportedly reached new monthly highs for the fourth month in a row.

Correspondent fundings made up about $12 billion of the latest volume, consumer market fundings added nearly $10 billion and wholesale loan volume accounted for just over $6 billion, Countrywide said. The remaining portion was comprised of Capital Markets and Treasury Bank fundings.

Kurland said “strong production efforts have led to substantial growth in the servicing portfolio,” — growing at an average rate of $600 million each business day since the beginning of the year, it had a balance of $706.9 billion at May’s end, which is 32% greater than a year ago. However, May delinquency jumped 30 basis points from the previous month to 3.49%. Foreclosures pending edged down 2 basis points to 0.36%, the report said.

Countrywide was recently named in a New Jersey class action lawsuit, which accused the company of illegally charging consumers fees required for closing.

FREE CALCULATORS TO HELP YOU SUCCEED
Tools for Your Next Big Decision.

Amortization Calculator

Affordability Calculator

Mortgage Calculator

Refinance Calculator

FHA Mortgage Calculator

VA Mortgage Calculator

Real Estate Calculator

Tags

Pre-Approval Resources!

Making well educated decions in a matter of minutes and stay up to date on the latest news Mortgage Daily has to offer. Read our latest articles to stay up to date on what’s going on…

Resource Center

Since 1998, Mortgage Daily has helped millions of people such as yourself navigate the complicated hurdles of the mortgage industry. See our popular topics below, search our website. With over 300,000 articles, we are guaranteed to have something for you.

Your mortgages approval starts here.

Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here.

Stay Up To Days with Today’s Latest Rates

Mortgage

Today’s rates starting at

4.63%

5/1 ARM
$200,000 LOAN

Home Refinance

Today’s rates starting at

4.75%

30 YEAR FIXED
$200,000 LOAN

Home Equity

Today’s rates starting at

3.99%

3 YEAR
$200,000 LOAN

HELOC

Today’s rates starting at

2.24%

30 YEAR FIXED
$200,000 LOAN