Countrywide home loan pipeline slows

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 year-to-date home equity lending to nearly $8 billion.

Subprime volume reached $3 billion, rising 129 percent over April 2003. Total year-to-date subprime lending reached $10 billion.

Last month, Countrywide also reported strong first quarter net earnings results of $691 million, a 112 percent increase over net earnings in the first quarter of 2003.

Countrywide (NYSE: CFC) shares traded at 55.36 this morning, down 1.67 percent from Friday's close of 56.3.

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