Industry News

Countrywide’s real estate loan fundings climb

Mortgage giant maintains forecast for the year

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Mortgage loan fundings at Countrywide Financial Corp. totaled $47 billion in June, up 48 percent from June 2004, the lender reported today. The company also re-affirmed its prediction that it would earn $3.60 to $4.60 per share for the year. Second-quarter mortgage loan volume totaled $120 billion, 21 percent greater than the second quarter of 2004, the company said. Mortgage loan production for the first half of 2005 totaled $212 billion, which was 20 percent higher than the first six months of 2004. Monthly purchase volume set a new record high at $24 billion in June, advancing 37 percent from June 2004. Purchase fundings for the second quarter totaled $61 billion, an increase of 32 percent from the second quarter of 2004. Adjustable-rate loan fundings for June rose to a new high of $26 billion, up 50 percent from June 2004. Monthly home equity loan fundings reached a new high of $3.9 billion in June, up 39 percent from June 2004. Nonprime loan fundings in June rose to $4.2 bi...