Industry News

Countrywide’s real estate loan production soars

Adjustable loans up 91% from a year ago
Published on Jan 11, 2005

Countrywide Financial Corp. today reported that its total loan fundings for December grew 11 percent from the previous month and jumped 38 percent from their year-ago level. Fundings for December totaled $35 billion, up from $25.1 billion a year ago. Fundings for the fourth quarter totaled $95 billion, 4 percent higher than the third quarter of 2004 and 25 percent higher than the fourth quarter of 2003. Total fundings for 2004 reached $363 billion, making it the second-best year in company history. Monthly purchase volume rose 9 percent over the last month to $17 billion, 36 percent more than December 2003. Quarterly purchase volume of $47 billion declined by 11 percent from the third quarter, consistent with anticipated seasonal variability, but was 36 percent higher than the fourth quarter of 2003. Total yearly purchase activity set a new record at $176 billion. Adjustable-rate loan fundings of $18 billion for the month were 12 percent higher than last month and 91 percent grea...

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