Industry News

Real estate loan fundings soar at Countrywide

Annual production may top previous record set in 2003

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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 Oct...