Mortgage Daily

Published On: August 11, 2003
Calabasas Colossal

Countrywide July fundings $52

August 11, 2003

By MortgageDaily.com staff

Countrywide Financial Corporation reported a record level of activity last month.

The Calabasas, California lender said mortgage loan fundings reached $51.8 billion during July, an all-time high according to the announcement of operational data. Production was reported at $48 billion in June, and a year ago, production was reported at $17.1 billion.

Countrywide reported wholesale fundings of $10.5 billion and correspondent fundings of $24.3 billion. Consumer fundings were $12.9 billion, with other sources reported at $4.1 billion.

The mortgage giant said purchase fundings were 26% of its business, while non-purchase fundings were reported at 74%.

The Mortgage Bankers Association of America reported last week that refinance applications have fallen nearly 60% from their June highs; Countrywide, along with the rest of the nation’s mortgage lenders, could expect to see non-purchase activity drop off proportionately in the coming months.

Countrywide reported that its servicing portfolio reached $577 billion, while its portfolio delinquency was reported at 3.78%.

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