|Subprime Production up at Countrywide
Home equity fundings edge down
November 12, 2003
By MortgageDaily.com staff
|Subprime production at Countrywide continued to defy it’s overall fundings.
National mortgage lender Countrywide Financial Corporation reported subprime fundings of $2.4 billion in October. The total is up slightly from September’s $2.2 billion, and more than double the $1.0 billion a year ago.
Home equity fundings of $1.8 billion nudged down from $1.9 billion the prior month. Last October, this sector had a volume of $1.1 billion, according to the company’s report.
Meanwhile, “a continued slowing of refinance activity in the market place” contributed to the “expected” decrease in overall loan fundings, which fell from September’s $33 billion mark to $29 billion, reported the Calabasas-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,...