Mortgage Daily Logo
mortgage news from industry experts

Non-Refi Activity Still Strong at Countrywide

Non-Refi Activity Still Strong at Countrywide

$30 billion July production

August 10, 2004

By MortgageDaily.com staff

While overall monthly production declined at Countrywide Financial Corp., the company continued to generate record non-refiinance activity and moved up a notch among the largest servicers.

The financial services provider reported total production slipped to $30.0 billion in July from the previous month’s $32.0 billion. The total is way off the $51.8 billion reached in July 2003, which was the largest funding month ever at the company.

Edging up to a new record for the fourth month in a row, purchase fundings totaled $18.0 billion.

Home equity fundings of nearly $3 billion and subprime volume of nearly $4 billion, marked new records in each category for the sixth consecutive month, according to the California-based lender. Adjustable-rate mortgage activity, however, swerved from the milestone course as it slipped to $17 billion.

Correspondent channel fundings contributed over $10 billion of the latest volume, followed by consumer markets division production of nearly $9 billion and wholesale originations of $5 billion, the company reported. The remaining portion was derived from Capital Markets and Treasury Bank fundings.

The servicing portfolio continued its climb, ending the month at a record $747 billion, up 30% from last July, Countrywide said. The portfolio’s delinquency nudged up 3 basis points from June to 3.51%, while the percentage of foreclosures pending remained unchanged at 0.37%.

“Countrywide remained the #1 mortgage lender in the second quarter and rose to become the second largest servicer,” company CEO Stanford Kurland, said in a written statement. “Our growing strength in Mortgage Banking, coupled with sound performance from our Diversified Businesses, continues to enhance Countrywide’s position to perform well in a variety of interest rate environments.”

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