Industry News

Real estate loan fundings bloom at Countrywide

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Mortgage loan fundings at Countrywide Financial totaled $42 billion in November, up 35 percent from a year ago, the company announced today. In October, mortgage loan fundings hit $47 billion. Monthly purchase volume of $19 billion in November was 28 percent higher than November 2004, bringing year-to-date purchase activity to $211 billion. "Countrywide's mortgage lending operations continue to post strong operational results even as market conditions shift," said Stanford L. Kurland, president and chief operating officer. "November results brought year-to-date residential mortgage production to $447 billion, surpassing the previous annual record of $435 billion set in 2003." Other highlights from Countrywide's November operational results included: Adjustable-rate loan fundings for the month were $21 billion, up 28 percent from November 2004. Year-to-date adjustable-rate fundings totaled $235 billion. Home equity loan fundings for November rose by 21 percent over last year to $...