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Countrywide Loan Biz Soars To New Heights In June

Countrywide Loan Biz Soars To New Heights In June

New records abound for the month

July 10, 2003

By MortgageDaily.com staff

Monthly production for Countrywide smashed several previously set records, the company said.

In its latest production statement, the Calabasas, California-based lender announced several new highs for the company’s record books. Loan fundings, for instance, were reported at $48 billion for the month. According to the statement, that number represents a 23 percent increase over May’s numbers and a new company record. Another record-breaker was the average of $3.2 billion in applications per day, the statement said.

In the fundings department, Countrywide, formally known as Countrywide Financial Corporation, reported June purchase fundings at $13 billion, a record high and 29 percent higher than May’s level.

According to the statement, the company’s servicing portfolio also soared to heretofore unseen heights, hitting $559 billion at month’s end. Countrywide said this number is 11 percent higher than the prior quarter.

The mortgage pipeline also hit a record high, closing at $82 billion, the statement said, 11 percent higher than the prior month.

Stanford L. Kurland, chief operating officer, said in the statement, “These positive results and the dynamics between our mortgage banking and synergistic businesses favorably position the company to deliver continued strong performance.”

Second quarter loan fundings also hit a new record of $130 billion, according to the statement.

Countrywide’s subservicing subsidiary Global Home Loans reported servicing volume of $95 billion.

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