Industry News

Countrywide’s real estate loan production stalls

Home equity products post growth in May

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Countrywide Financial Corp.'s mortgage loan fundings for May dipped 0.3 percent from a year ago to $38.6 billion, the company announced today. The Calabasas, Calif.-based company said year-to-date loan fundings posted an 8 percent gain over the same period in 2005, coming in at $178 billion. Monthly purchase volume slipped to $18 billion last month, down 10 percent from $20 billion in May 2005. Year-to-date purchase activity totaled $81 billion, a 4 percent increase from last year. Adjustable-rate loan fundings for the month of May were $20 billion, a decrease of 10 percent from May 2005. Year-to-date adjustable-rate volume was $88 billion, down 2 percent from last year. Home equity loan fundings for May increased 15 percent year-on-year to $4.2 billion, bringing the year-to-date fundings to $19 billion, which was 20 percent higher than last year. Nonprime loan fundings in May were $3.8 billion, up 15 percent from $3.3 billion for the year-ago period. Year-to-date nonprime loan fund...