Industry News

Countrywide boosts real estate loan fundings

November activity climbs to $31 billion

Don't miss the real estate event of the summer
Join 4,000 real estate pros at Connect SF, Aug 7‑11, 2017

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...