Industry News

Countrywide’s real estate loan production soars

Adjustable loans up 91% from a year ago

Countrywide Financial Corp. today reported that its total loan fundings for December grew 11 percent from the previous month and jumped 38 percent from their year-ago level. Fundings for December totaled $35 billion, up from $25.1 billion a year ago. Fundings for the fourth quarter totaled $95 billion, 4 percent higher than the third quarter of 2004 and 25 percent higher than the fourth quarter of 2003. Total fundings for 2004 reached $363 billion, making it the second-best year in company history. Monthly purchase volume rose 9 percent over the last month to $17 billion, 36 percent more than December 2003. Quarterly purchase volume of $47 billion declined by 11 percent from the third quarter, consistent with anticipated seasonal variability, but was 36 percent higher than the fourth quarter of 2003. Total yearly purchase activity set a new record at $176 billion. Adjustable-rate loan fundings of $18 billion for the month were 12 percent higher than last month and 91 percent grea...