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$25.3 Billion September Production at Countrywide

$25.3 Billion September Production at Countrywide

Record activity for month, quarter

October 9, 2002

By staff

Countrywide Credit Industries, Inc. yet again reached an all-time high in production for the month ending Sept. 30, 2002, according to an announcement Tuesday.

September fundings of $25.3 billion overshadowed the August record by $4.1 billion.

The lending giant also funded $63.6 billion during the third quarter, another company record according to the report.

September’s purchase fundings totaled $7.8 billion, a 79% increase over last year but a dip from the milestone set in August 2002 of $8.3 billion. Total year-to-date purchase volume has reached a record $61 billion, according to the report.

“Countrywide has maintained its strategic focus on the stable purchase component of mortgage originations to establish a solid foundation for future production performance,” said Stanford L. Kurland, chief operating officer.

Mortgage loan pipelines, a measure of upcoming fundings, reached a record $51.3 billion, 22% higher than the previous record set in August. This total is also 141% higher than the report from September 2001.

Kurland attributes the company’s record-setting totals mostly to its macro-hedge strategy.

“Our flexible business model ensures that adequate capacity, technology, and resources exist within the production sector during high volume periods such as September,” Kurland said. “Countrywide’s portfolio has been tested through a variety of interest rate environments over the past decade and has continuously grown due to the successful implementation of this business model.”

According to a separate announcement, the California-based company will report its third quarter earnings on Oct. 24, before the market opens.

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