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 $3.7 billion, bringing year-to-date home equity loan fundings to $39 billion.

  • Nonprime loan fundings totaled $3.9 billion in November, which compares with $3.5 billion for the same period last year. Year-to-date nonprime fundings were $40 billion.

  • Pay-option loan fundings for the month were $7.9 billion, compared with $4.1 billion in November 2004. Interest-only loan volume was $8.9 billion for the month of November, which compares with $5.9 billion, for the same period a year ago.

  • Average daily mortgage loan application activity in November was $2.7 billion, 33 percent higher than the November 2004 level.

  • The mortgage loan pipeline rose by 36 percent from Nov. 30, 2004, to $69 billion at Nov. 30, 2005.

  • The mortgage loan servicing portfolio continued its uninterrupted growth, reaching a new high of $1.09 trillion at Nov. 30, 2005. This is an increase of $271 billion, or 33 percent, from Nov. 30, 2004.

  • Delinquencies in the servicing portfolio rose 26 basis points from October 2005 to 4.58 percent at the end of November, which includes the effects of Hurricane Katrina. Countrywide said it is committed to working with borrowers in the hurricane-affected areas and administering forbearance plans to qualifying borrowers affected by the disasters.

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