Countrywide 2002 Production 1/4 Trillion
December production $35.2 billion
January 13, 2003
By MortgageDaily.com staff
Countrywide Financial Corporation announced personal-bests in total fundings during the fourth quarter and the month of December.
The Calabasas, Calif.-based company reported $102.1 billion in total fundings for the quarter, which is the first time Countrywide has produced a $100 billion-quarter. That’s an almost 60% increase from the $64 billion in loan fundings reported during the third quarter.
Countrywide reported a monthly record in total fundings with December’s $35.2 billion. That’s a 9.3% increase over November’s $32.2 billion in lending, and it doubles the $17.5 billion funded during December 2001.
“Our mortgage banking business has produced record breaking results throughout the year, and our diversified businesses have concurrently evolved, setting their own new benchmarks and demonstrating our ability to leverage our core competencies in mortgage banking,” CEO Stanford L. Kurland said.
Year-to-date, the company reported funding $250 billion, an 82% increase from the $138.2 billion produced in 2001.
Total purchase fundings for December reached $8.8 billion, a 12.8% increase over November’s $7.8 billion, and a 71% jump from December 2001. Purchase fundings for the full year reached $86.4 billion, a 65% increase over 2001.
“Our accomplishments in the purchase market set the tone for our production business to perform effectively in a rising interest rate environment,” Kurland said.
December’s subprime funding reached almost $1.2 billion. That figure holds steady from November, which also produced just more than $1 billion. The company produced $802 million in subprime loans during December 2001.
Countrywide’s portfolio balance is at $452 billion, a 34% increase over last year’s almost $337 billion.
Countrywide was founded in 1969. During late-morning trading, its shares were up $0.41 at $54.42, according to CBSMarketwatch.com.