|Countrywide Volume Declines
September fundings $33 billion
October 14, 2003
By MortgageDaily.com staff
|Countrywide reported funding numbers that were down last month — even as the company was cited as an acquisition target.
Year-to-date loan fundings set an all-time record of $359 billion, said the company, representing $107 billion more than total production for calendar 2002.
Another milestone was the $606 billion in the servicing portfolio at month’s end, up 49% from last September, said Countrywide.
Quarterly purchase fundings, which accounted for 38% of total fundings, also set a record at $39 billion, up 17% from the previous quarter, and 59% higher than the third quarter of 2002. The company, one of the nation’s biggest mortgage lenders, said year-to-date purchase volume of $95 billion exceeded that produced in all of 2002.
A 30% growth from last quarter was reported in the demand for less interest-rate sensitive products, according to the announcement, which includes adjustable-rate, home equity and subprime loans.
Countrywide noted that the decline in interest rates at the beginning in September caused application volume to increase slightly over last month to $1.9 billion.
“The mortgage environment was clearly affected by a significant rise in rates during the third quarter,” said COO Stanford L. Kurland in the announcement.
The company was cited by Sanford C. Bernstein & Co. as an acquisition target, according to the Wall Street Journal, which noted that Countrywide would be “an attractive, accretive acquisition for a large bank.”
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,...