Industry News

Countrywide’s real estate loan production dips

Adjustable loans up 59% from a year ago

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Countrywide Financial Corp. today reported that its total loan fundings for January fell 19 percent from the previous month and gained 37 percent over the year-ago level. Fundings for January totaled $28.2 billion, down from $35 billion in December 2004. The decline from December's fundings was partly because January had three fewer business days, the company said. Monthly purchase volume fell 23 percent from December 2004 to $13 billion, and was 37 percent more than January 2004. Adjustable-rate fundings totaled $15 billion for the month, an increase of 59 percent over January 2004, declining 18 percent from December 2004. Home equity funding activity of $2.7 billion comprised a 75 percent increase over January 2004, but a decline of 13 percent from December 2004. Subprime volume was $3.9 billion in January, falling by 11 percent from December 2004, though showing an increase of 92 percent over January 2004. Average daily application activity was $2.1 billion, rising by 6 per...