Industry News

Countrywide home loan pipeline slows

Daily volume averaged $2 billion-plus in April

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Countrywide Financial Corp. today released April operational data, which showed average daily application volume exceeded $2 billion for the second consecutive month. The pipeline of loan applications in progress was $55 billion, down 5 percent from last month. Loan fundings rose 11 percent last month to $36 billion, due to March's strong ending pipeline. Fundings, however, were down 15 percent over the same month last year. Year-to-date fundings reached $112 billion. Monthly purchase fundings reached a record high of $14 billion, an increase of 45 percent over the same month last year, bringing year-to-date purchase volume to $46 billion. New record monthly funding levels were reached for adjustable rate, home equity and subprime loans. Adjustable-rate fundings reached $16 billion, rising 134 percent over April 2003 and up 13 percent over last month. Year-to-date volume reached $49 billion. Home equity fundings of $2 billion, up 55 percent over the same month last year, drove...