|Subprime Production up at Countrywide
Home equity fundings edge down
November 12, 2003
By MortgageDaily.com staff
|Subprime production at Countrywide continued to defy it’s overall fundings.
National mortgage lender Countrywide Financial Corporation reported subprime fundings of $2.4 billion in October. The total is up slightly from September’s $2.2 billion, and more than double the $1.0 billion a year ago.
Home equity fundings of $1.8 billion nudged down from $1.9 billion the prior month. Last October, this sector had a volume of $1.1 billion, according to the company’s report.
Meanwhile, “a continued slowing of refinance activity in the market place” contributed to the “expected” decrease in overall loan fundings, which fell from September’s $33 billion mark to $29 billion, reported the Calabasas-based lender.
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:...