Industry News

Countrywide boosts real estate loan fundings

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Countrywide Financial Corp. today reported that its total loan fundings for November rose 7 percent from the previous month and gained 41 percent over the year-ago level. Fundings for November totaled $31 billion, up from $29 billion in October and $22 billion in November 2003. Monthly purchase volume rose 2 percent over the last month to $15 billion, and was 54 percent more than November 2003. Year-to-date purchase activity reached $160 billion. Adjustable-rate fundings were flat compared to last month at $16 billion, but increased by 93 percent over November 2003, bringing year-to-date volume to $171 billion. Home equity funding activity of $3.1 billion was essentially flat compared to last month but 89 percent greater than November 2003. Year-to-date volume totaled $28 billion. Subprime volume rose by 6 percent over last month to $3.5 billion, which was 70 percent higher than November 2003. Year-to-date volume surpassed $35 billion. Average daily application activity remained at t...