Countrywide's real estate loan fundings drop

Countrywide Financial Corp.'s total loan fundings for October were $29 billion, a decline of 6 percent from the prior month but an increase of 1 percent from October 2003, according to the company's October operational data released today.

Other highlights include:

• Monthly purchase volume was $15 billion, a 12 percent decrease from the previous month but a 20 percent increase over October 2003's level. Year-to-date purchase activity now stands at $145 billion, exceeding 2003's full year level of $130 billion.

• Adjustable-rate fundings were $16 billion, a 22 percent drop from the September, but a 53 percent jump from October 2003. Year-to-date volume reached $155 billion, an increase of 69 percent over calendar 2003 volume.

• Home equity funding activity of $3 billion was 73 percent more than October 2003, but down 4 percent from last month. Year-to-date home equity production reached $25 billion.

• Subprime volume totaled $3.3 billion, rising 35 percent from last October, but falling 16 percent from last month. Year-to-date subprime volume totaled $32 billion.

• Average daily application activity was $2 billion during October, a decline of 5 percent from the prior month, but 27 percent greater than October 2003.

• The pipeline of loans-in-process on Oct. 31 increased by 2 percent over last month to $52 billion, and was 22 percent greater than a year ago.

Countrywide is headquartered in Calabasas, Calif.

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