Mortgage loan fundings at Countrywide Financial reached $47 billion in October, a 60 percent increase from the same month a year ago, according to data released today.

In September, mortgage loan fundings hit $49 billion.

Monthly purchase volume was $21 billion, 39 percent more than October 2004, bringing year-to-date purchase activity to $192 billion. Year-to-date mortgage loan fundings were $405 billion.

“Strong operational performance was demonstrated in October, particularly in our Mortgage Banking segment,” said Stanford L. Kurland, president and chief operating officer. “With year-to-date mortgage loan production of $405 billion, Countrywide is approaching its previous annual record of $435 billion set in 2003.”

Other highlights from Countrywide’s October operational results included:

  • Adjustable-rate loan fundings for the month were $23 billion, up 42 percent from October 2004. Year-to-date adjustable-rate fundings totaled $214 billion.

  • Home equity loan fundings for October advanced 18 percent over last year to $3.6 billion, bringing year-to-date home equity loan fundings to $35 billion.

  • Nonprime loan fundings totaled $3.9 billion in October, which compares with $3.3 billion for the same period last year. Year-to-date nonprime fundings were $36 billion.

  • Pay-option fundings for the month were $8.5 billion, as compared with $3.4 billion in October 2004. Interest-only loan volume was $8.9 billion for the month of October 2005, which compares with $5.9 billion for the same period a year ago.

  • Average daily mortgage loan application activity in October was $2.8 billion, 41 percent higher than the October 2004 level.

  • The mortgage loan pipeline advanced by 36 percent from Oct. 31, 2004, to $71 billion at Oct. 31, 2005.

  • The mortgage loan servicing portfolio continued its uninterrupted growth, reaching a new high of $1.07 trillion at Oct. 31, 2005. This is an increase of $264 billion, or 33 percent, from Oct. 31, 2004.

  • Delinquencies in the servicing portfolio rose 29 basis points from September 2005 to 4.32 percent at the end of October. This increase is largely attributable to Hurricane Katrina, normal seasonal fluctuations and portfolio seasoning. Countrywide is committed to working with borrowers in the hurricane-affected areas and has granted forbearance to those who have contacted Countrywide and indicated an inability to make payments in the immediate future.

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Send tips or a Letter to the Editor to janis@inman.com or call (510) 658-9252, ext. 140.

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