|Subprime Production Jumps at Countrywide
Home equity fundings strong
April 9, 2003
By MortgageDaily.com staff
|After falling last month, one of the nation’s biggest conforming lenders saw subprime fundings increase in March to the highest level this year.
Subprime production at Countrywide Financial Corporation was $1.3 billion last month, the company reported. In February, subprime fell below $1 billion from $1.1 billion in January.
Countrywide said fundings of home equity loans reached nearly $1.3 billion compared to $1.1 billion the prior month.
The mortgage giant reported that total mortgage production, including conforming and subprime, reached $38 billion in March.
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:...