Industry News

Countrywide’s real estate loan fundings drop 24%

Co. reaches record levels in ARMs, home equity loans

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Countrywide Financial Corp. recently released its operational data for the month of August, showing that loan fundings reached $31 billion, an increase of 5 percent over the previous month. That total, however, represents a 24 percent decline from August 2003, mainly attributable to a substantially lower level of refinance activity industrywide, according to Countrywide. Year-to-date funding volume now totals $237 billion for the company. Monthly purchase activity rose for the sixth consecutive month to $18 billion, an increase of 1 percent over July and 42 percent more than August 2003. Year-to-date purchase volume now stands at $113 billion. Last year's total purchase volume was $130 billion. "Countrywide's well-balanced business model continues to produce strong operational results amidst a transitional environment," said Stanford L. Kurland, president and COO. "Compared to a year ago, the total mortgage origination market is smaller as a result of lower refinance volume. This ...