|Countrywide Production Continues 4-Month Decline
November production falls to $22 billion
December 8, 2003
By MortgageDaily.com staff
|One of the nation’s largest mortgage lenders reported loan production fell further in November.
Countrywide Financial Corporation reported it funded $22 billion in loans during November, down from the previous month’s $29 billion. Production has been on a decline since reaching a record in July. Last November, loan fundings totaled $32 billion.
“Declining refinance activity, combined with a shortened 19 working-day month and anticipated seasonal impact on purchase fundings, resulted in a smaller overall market,” said the company’s chief operating officer Stanford L. Kurland, in the announcement.
Purchase fundings fell about 17% from the previous month to $10 billion, according to the company.
Of the funding total, Countrywide said its correspondent lending division contributed approximately $9 billion, the consumer markets divisions followed with $7 billion and the wholesale lending division accounted $5 billion. Treasury bank and capital market fundings made up the rest of the total.
The servicing portfolio continued its uninterrupted climb to $631 billion, up 2% over last month. The portfolio delinquency was 3.90%, said the Calabasas, Calif.-based lender.
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,...