Countrywide Fundings Tumble
CFO says refi boom over
September 9, 2003
By MortgageDaily.com staff
One of the nation’s largest mortgage lenders saw its production fall from the prior month’s record level.
According to an announcement today from Countrywide Financial Corporation, loan fundings in August were $41.0 billion, down more than 20% from $51.8 billion in July. A year ago, reported fundings were $21.2 billion.
In the announcement, the chief operating officer of the Calabasas, California concern acknowledged the current state of the market. “Interest rates have increased roughly 130 basis points since reaching historic lows in mid-June, signaling the apparent end of this unprecedented refinance boom,” Stanford L. Kurland said.
The top origination source for Countrywide was its correspondent lending division, with $17.9 billion in fundings. Next was the consumer markets division with $12.3 billion, then the wholesale lending division with $7.2 billion. Capital markets and Treasury Bank fundings made up the rest.
The company reported its servicing portfolio at $592 billion. Portfolio delinquency was reported at 3.77%, down from 4.47% a year ago. Countrywide reported that foreclosures pending were 0.46%.