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Countrywide Breaks Three Records

Countrywide Breaks Three Records

April production $35.8 billion

May 10, 2004

By staff

Month-to-month loan fundings were up at Countrywide Financial Corp., with record levels of activity achieved in subprime fundings, home equity fundings and ARM fundings.

The Calabasas, Calif.-based thrift reported last month’s loan fundings totaled $35.8 billion, up from March’s $32.3 billion. However, the total is below volume of $42.3 billion a year earlier.

“Our scalable production infrastructure enabled the Company to generate loan origination volume during this latest mini refi boom,” chief executive officer Stanford Kurland said in a written statement. “Equally important, our ability to grow purchase market share and recapture loans that refinance fuel growth in our servicing portfolio.”

Purchase fundings reached a record high of $14 billion, while non-purchase loans made up nearly $22 billion, according to the report.

Countrywide said correspondent fundings contributed $14.4 billion to the latest volume, consumer market fundings aggregated $11.1 billion and wholesale loan volume accounted for $7.7 billion. Capital Markets and Treasury Bank fundings made up the rest.

Adjustable-rate loan production was $16 billion for the month, home equity fundings totaled $2 billion, and subprime volume $3 billion, the lender said, adding that each category reached new record monthly funding levels.

The size of the servicing portfolio was reported at $694 billion — 33% greater than a year ago. April delinquency edged down 1 basis point from the previous month to 3.19%, while foreclosures pending fell 4 basis points to 0.38%.

Countrywide said it was the top loan originator during the first quarter with a market share of 13% — nearly 2 percentage points greater than the next closest competitor — and concluded that “April’s operating results provide an early indication of solid performance in the second quarter as well.”

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