Countrywide Financial Corp.’s total loan fundings for September totaled $31 billion, essentially flat compared to August and down 6 percent from September 2003, according to the company’s September operational data released today.

The company’s third-quarter volume of $92 billion declined $8 billion from the second quarter of this year and 27 percent from the third quarter of 2003. Year-to-date loan fundings reached $268 billion, a decrease of 25 percent from the first nine months of 2003.

Other highlights include:

  • Monthly purchase activity of $17 billion was 34 percent greater than September 2003. Purchase volume for the third quarter reached $52 billion, an increase of 14 percent over the second quarter of 2004 and 35 percent more than the third quarter of 2003. Year-to-date purchase fundings of $130 billion accounted for 49 percent of total loan fundings, and were 36 percent higher than the first nine months of 2003.

  • Adjustable-rate loan fundings for September reached a record high of $21 billion, an increase of 15 percent over the prior month and 109 percent more than September 2003. Adjustable-rate loan production for the third quarter totaled $56 billion, rising 16 percent over the second quarter of 2004 and 97 percent over the third quarter of 2003. Year-to-date adjustable-rate loan volume reached $139 billion, 120 percent more than the first nine months of 2003.

  • Home equity loan fundings reached $3.2 billion for the month of September, up 4 percent over August 2004 and 88 percent greater than September 2003. This brought third quarter volume to $9.1 billion, advancing 24 percent over the second quarter of 2004 and 79 percent over the third quarter of 2003. Year-to-date home equity loan volume totaled $22 billion, an increase of 67 percent over the first nine months of 2003.

  • Subprime volume declined from the prior month by 9 percent to $3.9 billion, but remained 80 percent higher than the volume generated in September 2003. Volume for the third quarter reached $12 billion, an increase of 25 percent over the second quarter of 2004 and 116 percent over the third quarter of 2003. Year-to-date subprime fundings totaled $28 billion, an increase of 117 percent over the first nine months of 2003.

  • Average daily application activity in September was $2.1 billion, 2 percent higher than the prior month and 13 percent over September 2003. As a result, the pipeline of applications-in-process advanced 2 percent over August 2004 to $51 billion and was 8 percent more than September 2003.

Countrywide is headquartered in Calabasas, Calif.

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