Countrywide posts record month for real estate

Mortgage loan fundings at Countrywide Financial Corp. reached a new high in August at $53 billion, up 71 percent from a year ago, the company reported today.

Countrywide reported that its year-to-date mortgage loan fundings totaled $309 billion.

The lender's monthly purchase volume was a record $25 billion, up 41 percent from a year ago. Year-to-date purchase activity totaled $148 billion.

Total assets at Countrywide Bank reached $73 billion at the end of August, an increase of 135 percent, or $42 billion, from August 2004.

Highlights from Countrywide's August operational data include:

• The mortgage loan servicing portfolio set a company milestone, surpassing $1 trillion at Aug. 31. This is an increase of $255 billion, or 33 percent, from August 2004.

• Adjustable-rate loan fundings for the month reached a new high of $27 billion, rising 49 percent from August 2004. Year-to-date adjustable-rate fundings totaled $166 billion.

• Home equity loan fundings for August set a new record at $4.1 billion, an increase of 35 percent from August 2004, bringing year-to-date home equity production to $28 billion.

• Nonprime loan fundings totaled $4.5 billion in August, also a new benchmark, and an increase of 5 percent from August 2004. This brought year-to-date nonprime fundings to $28 billion.

• Average daily mortgage loan application activity in August was $3.2 billion, 54 percent greater than the August 2004 level. The mortgage loan pipeline increased by 56 percent from August 2004 to $78 billion at Aug. 31, 2005, marking its second-highest level.

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