Mortgage Daily

Published On: November 10, 2003
$29 Billion October Production at Countrywide

Servicing portfolio reaches $621 billion

November 12, 2003

By MortgageDaily.com staff

Production at Countrywide continued to decline in October.

National mortgage originator Countrywide Financial Corp. said that “as expected,” loan fundings in October decreased from the prior month’s $33 billion to $29 billion. A year ago, fundings were higher at $35 billion.

Purchase fundings of $12 billion, up 32% from last October, accounted for 43% of total loan fundings, said the Calabasas, Calif.-based company.

Fundings from Countrywide’s consumer markets division were reported at $8.2 billion. The wholesale lending division funded $6.2 billion, the company said, and the correspondent lending division purchased $10.9 billion. The remaining production was funded by the capital markets unit and Treasury Bank.

Loans serviced totaled $621 billion, said Countrywide. The milestone total broke September’s record of $606 billion and represents a 47% increase from $422 billion last October.

Delinquency was reported at 3.54%.

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