Countrywide boosts real estate loan fundings

Countrywide Financial Corp. today reported that its total loan fundings for November rose 7 percent from the previous month and gained 41 percent over the year-ago level. Fundings for November totaled $31 billion, up from $29 billion in October and $22 billion in November 2003.

Monthly purchase volume rose 2 percent over the last month to $15 billion, and was 54 percent more than November 2003. Year-to-date purchase activity reached $160 billion.

Adjustable-rate fundings were flat compared to last month at $16 billion, but increased by 93 percent over November 2003, bringing year-to-date volume to $171 billion.

Home equity funding activity of $3.1 billion was essentially flat compared to last month but 89 percent greater than November 2003. Year-to-date volume totaled $28 billion.

Subprime volume rose by 6 percent over last month to $3.5 billion, which was 70 percent higher than November 2003. Year-to-date volume surpassed $35 billion.

Average daily application activity remained at the $2 billion level, essentially unchanged compared to October 2004, and 36 percent greater than November 2003.

The pipeline of loans-in-process on Nov. 30 was $51 billion, down 3 percent from last month, but 30 percent higher than November 2003.

Countrywide is headquartered in Calabasas, Calif.

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