| Calabasas Colossal
Countrywide July fundings $52 August 11, 2003 By MortgageDaily.com staff |
| Countrywide Financial Corporation reported a record level of activity last month.
The Calabasas, California lender said mortgage loan fundings reached $51.8 billion during July, an all-time high according to the announcement of operational data. Production was reported at $48 billion in June, and a year ago, production was reported at $17.1 billion. Countrywide reported wholesale fundings of $10.5 billion and correspondent fundings of $24.3 billion. Consumer fundings were $12.9 billion, with other sources reported at $4.1 billion. The mortgage giant said purchase fundings were 26% of its business, while non-purchase fundings were reported at 74%. The Mortgage Bankers Association of America reported last week that refinance applications have fallen nearly 60% from their June highs; Countrywide, along with the rest of the nation’s mortgage lenders, could expect to see non-purchase activity drop off proportionately in the coming months. Countrywide reported that its servicing portfolio reached $577 billion, while its portfolio delinquency was reported at 3.78%. |
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:...
