Industry News

‘Seasonal’ cooling impacts Countrywide’s loan production

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Mortgage loan fundings at Countrywide Financial totaled $33 billion in January, up 16 percent from a year ago but down from the previous month, the company announced today. In December, mortgage loan fundings hit $44 billion. Monthly purchase volume was $14 billion last month, an increase of 14 percent from January 2005. "Countrywide was the number one mortgage originator and servicer for 2005, according to Inside Mortgage Finance," said Stanford L. Kurland, president and chief operating officer. "Countrywide increased its origination share by more than 3 percentage points from 2004 to reach 15.7 percent and widened its lead as the number one originator. Similarly, our servicing share continued its climb, reaching 12.1 percent at year-end. "For the mortgage lending activities, January 2006 fundings were $33 billion, up from $28 billion in January 2005. On a sequential basis, however, January 2006 fundings were down 26 percent from December 2005. This was largely a result of normal se...