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Subprime Production up at Countrywide

Subprime Production up at Countrywide

Home equity fundings edge down

November 12, 2003

By 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.

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