|$14.4 Billion June Production At CountrywideRecord purchase-money fundings
July 9, 2002
By MortgageDaily.com staff
June mortgage loan fundings at Countrywide Credit Industries, Inc. were up five percent from the prior month to $14.4 billion. The company said average daily fundings during June were $718 million, sixteen percent higher than May.
“Countrywide’s core mortgage banking business delivered strong performance in June,” said Stanford L. Kurland, chief operating officer of the S&P 500 company. “Driven in part by a decline in mortgage rates, average daily loan applications surpassed $1 billion, an increase of 22 percent from the prior month.”
Purchase money fundings were particularly strong for the southern California-based lender, reaching a record $8.3 billion. Purchase fundings accounted for 58 percent of total fundings in June. “Countrywide’s strategic focus on the purchase market was evident in June as purchase fundings hit a new record of $8.3 billion, a 6 percent increase over the prior month,” Kurland said. “Countrywide’s success in capturing greater market share in the consistently growing purchase market will position us well for future production performance in the mortgage banking sector.”
|Countrywide reported that June fundings exceeded prepayments by $8.1 billion, leaving its servicing portfolio at $375 billion. Year-to-date fundings have exceeded prepayments by $42.3 billion.
7 Refinance Strategies
Refinance to a lower interest rate: If interest rates have dropped since you took out your original mortgage, refinancing to a lower rate can help you save money on your monthly payments and reduce the overall cost of your loan. Refinance to a shorter loan term:...