Industry News

Real estate loan fundings swell at Countrywide

July mortgage fundings totaled $44 billion

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Mortgage loan fundings at Countrywide Financial Corp. totaled $44 billion in July, up 48 percent from the same month a year ago, the lender said today. Countrywide's year-to-date mortgage loan fundings were $256 billion, according to the company's latest operational data released today. As lenders race to gain share of mortgage purchase activity, Countrywide said its monthly purchase volume was $21 billion, a 20 percent increase from July 2004. Year-to-date purchase activity totaled $123 billion. Countrywide began the second half of the year with solid operational performance, said Stanford Kurland, president and chief operating officer. "August began with a $77 billion pipeline of mortgage loan applications-in-process, indicative of continued strong mortgage loan production for the near-term," he said. Total assets at Countrywide Bank reached $70 billion at the end of July, he added. Highlights from Countrywide's July operational data include: Adjustable-rate loan fundings f...