Mortgage Daily Logo
mortgage news from industry experts

All-Time Record Production At Countrywide

All-Time Record Production At CountrywidePurchases playing a significant roll in activity

September 10, 2002

By MortgageDaily.com staff

 

Loan production at Countrywide Credit Industries, Inc. reached an all-time high last month. While record low mortgage rates have fueled refinances, the company says purchase production is also at an all-time high.Countrywide reported August mortgage loan production of $21.2 billion, more than $4 billion higher than reported in July. August production eclipsed the previous production record of $17.5 billion set last December.

While the current refinance boom is fueling Countrywide’s activity, purchase money activity is also playing a role. “Countrywide’s August purchase fundings reached a new milestone of $8.3 billion, a 55 percent increase over August 2001,” said Stanford L. Kurland, chief operating officer of the California-based lender (a Countrywide spokesman told MortgageDaily.com that the level of production for August 2001 has been revised since the original August 2001 production announcement). “Our impressive growth in the purchase market reflects the strategic enhancements made to our business model to capture greater market share.”

The mortgage lending behemoth was able to book more new business than it lost through payoffs. “Amidst a challenging prepayment environment, Countrywide’s servicing portfolio experienced record monthly growth of $10.4 billion, reaching $393 billion in August,” Kurland said. “Our uninterrupted and organic servicing portfolio growth is attributed to our flexible production infrastructure that grew fundings significantly faster than the rise in prepayments.”

The mortgage loan pipeline — a measure of upcoming fundings — reached a record $42.1 billion, according to the company. Last month, the pipeline was reported at $31 billion.

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