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Countrywide November Production Off

Countrywide November Production Off

$32.2 billion production up from prior year

December 11, 2002

By MortgageDaily.com staff

Countrywide Financial Corporation reported a drop in November loan production and total purchase fundings from the previous month.

The mortgage company funded a total of $32.2 billion in loans during November, a 7.2% decrease from October’s record $34.7 billion.

“Total fundings in November of $32 billion were accomplished with three fewer working days than October,” said CEO Stanford L. Kurland.

Countrywide is up 88.3% from November of last year, however, which totaled almost $17.1 billion in loans. Year-to-date, the company has funded $216.7 billion in loans.

Total purchase fundings also are slightly down for the Calabasas, Calif.-based company. It reported almost $7.8 billion in purchase fundings during November, a 17% decrease from October’s $9.4 billion. It’s a 62.5% increase from the $4.8 billion of November 2001, however.

“Our achievements in the purchase market clearly demonstrate the effectiveness of our strategic initiatives to capture additional business within this relatively stable market segment,” Kurland said. “This better positions our production business to perform effectively in a rising interest rate environment.”

Countrywide reported its servicing volume for the month at $435.3 billion, up from October’s $421.7 billion and last year’s $331.0 billion.

Subprime fundings for November held steady from October’s total, both at just more than $1 billion each, but saw a 73% increase over last year’s $597 million.

Countrywide was founded in 1969. Its shares closed Tuesday up $1.80 at $49.95, according to CBSMarketWatch.com.

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