Get Your Mortgage Rate Quote in Just 30 Seconds

Mortgage rates change every day, and your rate will vary based on your location, finances, and other factors. Get your FREE customized rate comparison below.

$25.3 Billion September Production at Countrywide

$25.3 Billion September Production at Countrywide

Record activity for month, quarter

October 9, 2002

By staff

Countrywide Credit Industries, Inc. yet again reached an all-time high in production for the month ending Sept. 30, 2002, according to an announcement Tuesday.

September fundings of $25.3 billion overshadowed the August record by $4.1 billion.

The lending giant also funded $63.6 billion during the third quarter, another company record according to the report.

September’s purchase fundings totaled $7.8 billion, a 79% increase over last year but a dip from the milestone set in August 2002 of $8.3 billion. Total year-to-date purchase volume has reached a record $61 billion, according to the report.

“Countrywide has maintained its strategic focus on the stable purchase component of mortgage originations to establish a solid foundation for future production performance,” said Stanford L. Kurland, chief operating officer.

Mortgage loan pipelines, a measure of upcoming fundings, reached a record $51.3 billion, 22% higher than the previous record set in August. This total is also 141% higher than the report from September 2001.

Kurland attributes the company’s record-setting totals mostly to its macro-hedge strategy.

“Our flexible business model ensures that adequate capacity, technology, and resources exist within the production sector during high volume periods such as September,” Kurland said. “Countrywide’s portfolio has been tested through a variety of interest rate environments over the past decade and has continuously grown due to the successful implementation of this business model.”

According to a separate announcement, the California-based company will report its third quarter earnings on Oct. 24, before the market opens.

Popular posts

7 Refinance Strategies
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:...

7 Refinance Strategies
Is Refinancing With Your Present Lender Preferable?

Do Not Accept the First Refinancing Offer You Receive Homeowners should not accept the first refinancing rate provided to them. This is particularly important if you are applying with your existing lender. Some mortgage lenders have mechanisms in place that prioritize...


Don’t worry, we don’t spam

calculate your monthly mortgage payment

Related Topics

Helpful Links

Daily mortgage rate trends

Best mortgage lenders

First-time homebuyers programs by state

Loan limits by state

Types of mortgages

APR vs interest rate

Understanding PMI

Related Posts

Fannie Mae Profile

Fannie Mae Profile

Last Updated December 27, 2018 7:38 PM Central   full list | other directories | bank search | SEC...