Industry News

Countrywide reports robust fourth quarter

Purchase volume jumps 33% from 4th quarter 2002

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Countrywide Financial Corp. reported a record year for operational activity, according to data released today for the period ended Dec. 31, 2003. Fourth quarter purchase volume was $34 billion, an increase of 33 percent over the fourth quarter of 2002. Full-year purchase activity reached $130 billion, up 50 percent over the purchase volume record set in calendar 2002. Fourth quarter volume of $29 billion drove full-year adjustable-rate loan fundings to $92 billion, two and one-half times greater than the $36 billion produced in all of calendar 2002. Home equity volume reached a record $5.2 billion during the fourth quarter. Annual home equity production reached $18 billion, an increase of 55 percent over full-year 2002 results. Subprime fundings rose to a record quarterly volume of $6.7 billion, driving full-year fundings to $20 billion, and far exceeding 2002's record volume of $9.4 billion. Fourth quarter production volume reached $76 billion, driving full-year fundings to an...