Real estate loan fundings swell at Countrywide

Mortgage loan fundings at Countrywide Financial Corp. totaled $44 billion in July, up 48 percent from the same month a year ago, the lender said today.

Countrywide's year-to-date mortgage loan fundings were $256 billion, according to the company's latest operational data released today.

As lenders race to gain share of mortgage purchase activity, Countrywide said its monthly purchase volume was $21 billion, a 20 percent increase from July 2004. Year-to-date purchase activity totaled $123 billion.

Countrywide began the second half of the year with solid operational performance, said Stanford Kurland, president and chief operating officer.

"August began with a $77 billion pipeline of mortgage loan applications-in-process, indicative of continued strong mortgage loan production for the near-term," he said.

Total assets at Countrywide Bank reached $70 billion at the end of July, he added.

Highlights from Countrywide's July operational data include:

• Adjustable-rate loan fundings for the month reached $23 billion, rising 37 percent from July 2004. Year-to-date adjustable-rate fundings totaled $139 billion.

• Monthly home equity loan fundings for July increased by 28 percent from July 2004 to reach $3.6 billion, bringing year-to-date home equity production to $23 billion.

• Nonprime loan fundings totaled $3.7 billion in July, a decline of 3 percent from July 2004. This brought year-to-date nonprime fundings to $24 billion.

• Average daily mortgage loan application activity in July was $3 billion, 48 percent greater than the July 2004 level. The mortgage loan pipeline increased by 60 percent from July 2004 to reach $77 billion at July 31, 2005.

• The mortgage loan servicing portfolio continued to rise, reaching $991 billion at July 31, an increase of $244 billion, or 33 percent, from July 2004.

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