Industry News

Countrywide’s real estate loan fundings drop

Lender's purchase activity surpasses last year's

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

Countrywide Financial Corp.'s total loan fundings for October were $29 billion, a decline of 6 percent from the prior month but an increase of 1 percent from October 2003, according to the company's October operational data released today. Other highlights include: Monthly purchase volume was $15 billion, a 12 percent decrease from the previous month but a 20 percent increase over October 2003's level. Year-to-date purchase activity now stands at $145 billion, exceeding 2003's full year level of $130 billion. Adjustable-rate fundings were $16 billion, a 22 percent drop from the September, but a 53 percent jump from October 2003. Year-to-date volume reached $155 billion, an increase of 69 percent over calendar 2003 volume. Home equity funding activity of $3 billion was 73 percent more than October 2003, but down 4 percent from last month. Year-to-date home equity production reached $25 billion. Subprime volume totaled $3.3 billion, rising 35 percent from last October, but falling...