Mortgage Daily

Published On: February 13, 2003
Subprime Fundings Edge Down at Countrywide

Home equity fundings & subprime fundings each $1.1 billion

February 13, 2003

By MortgageDaily.com staff

Countrywide Financial Corporation announced its January subprime funding total, which was just an arm’s length away from December’s production.

Subprime fundings reached $1.1 billion last month, just shy of December’s $1.2 billion. It’s up 50% from the $742 million closed last year at this time, however.

Home Equity Fundings also reached $1.1 billion during January, up from $0.8 billion a year ago.

“We commenced 2003 with a month of solid operational performance across all of our business lines,” CEO Stanford L. Kurland said.

The total servicing portfolio of the Calabasas, Calif.-based company hit a record $469 billion in January. Its mortgage loan pipeline closed at $48.2 billion by January’s end, which more than doubled last year’s $23.0 billion.

Shares of Countrywide were down $0.09 at $53.17 during midday trading, according to CBSMarketwatch.com.

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