Mortgage loan fundings at Countrywide Financial Corp. reached a new high in August at $53 billion, up 71 percent from a year ago, the company reported today.

Countrywide reported that its year-to-date mortgage loan fundings totaled $309 billion.

The lender’s monthly purchase volume was a record $25 billion, up 41 percent from a year ago. Year-to-date purchase activity totaled $148 billion.

Total assets at Countrywide Bank reached $73 billion at the end of August, an increase of 135 percent, or $42 billion, from August 2004.

Highlights from Countrywide’s August operational data include:

  • The mortgage loan servicing portfolio set a company milestone, surpassing $1 trillion at Aug. 31. This is an increase of $255 billion, or 33 percent, from August 2004.

  • Adjustable-rate loan fundings for the month reached a new high of $27 billion, rising 49 percent from August 2004. Year-to-date adjustable-rate fundings totaled $166 billion.

  • Home equity loan fundings for August set a new record at $4.1 billion, an increase of 35 percent from August 2004, bringing year-to-date home equity production to $28 billion.

  • Nonprime loan fundings totaled $4.5 billion in August, also a new benchmark, and an increase of 5 percent from August 2004. This brought year-to-date nonprime fundings to $28 billion.

  • Average daily mortgage loan application activity in August was $3.2 billion, 54 percent greater than the August 2004 level. The mortgage loan pipeline increased by 56 percent from August 2004 to $78 billion at Aug. 31, 2005, marking its second-highest level.


What’s your opinion? Send your Letter to the Editor to

Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Thank you for subscribing to Morning Headlines.
Back to top
We've updated our terms of use.Read them here×