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 billion, advancing 12 percent from June 2004.
Average daily mortgage loan application activity rose to $3 billion in June, increasing 59 percent from June 2004. As such, the mortgage loan pipeline increased by 63 percent from last year to reach $77 billion at June 30, 2005.
The mortgage loan servicing portfolio continued to climb, rising by 33 percent, or $238 billion, from June 2004 to reach $964 billion at June 30, 2005.
Countrywide is headquartered in Calabasas, Calif.
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