Industry News

Countrywide’s real estate loan fundings hold steady

Purchase activity increases

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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...