Industry News

Countrywide posts record year in real estate

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Mortgage loan fundings at Countrywide Financial totaled $44 billion in December, up 27 percent from a year ago, helping to set an annual record, the company announced today. In November, mortgage loan fundings hit $42 billion. Mortgage loan fundings for the fourth quarter totaled $133 billion, up 40 percent from last year's fourth quarter. Full-year fundings reached $491 billion, a new company record and higher than any number previously reported by a U.S. residential lender, Countrywide claimed. "While production margins declined in 2005 compared to levels seen earlier in the refinance boom, Countrywide established numerous funding milestones during the year," said Stanford L. Kurland, president and chief operating officer. "With the continuation of relatively low interest rates throughout the year, as well as Countrywide's market share growth, the company generated record mortgage loan production volume of $491 billion. This amount surpassed Countrywide's prior record set in 2003,...