Industry News

Countrywide posts record month for real estate

Loan fundings, servicing portfolio swell in August

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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 a...