Mortgage loan fundings at Countrywide Financial totaled $31 billion in February, up 15 percent from a year ago but down for the second straight month, the company reported today.

In January, mortgage loan fundings came in at $33 billion, which was a large decrease from December’s fundings of $44 billion.

Monthly purchase volume was $14 billion last month, unchanged from the previous month, but was 12 percent higher than February 2005.

“February operational results reflected across-the-board growth compared to February 2005,” said Stanford L. Kurland, president and chief operating officer. “Compared to January 2006, mortgage loan funding volume decreased modestly as a result of typical seasonal effects…”

Operational highlights included the following:

  • Adjustable-rate loan fundings for February were $16 billion, an increase of 11 percent from February 2005.

  • Home equity loan fundings for February rose by 30 percent from February 2005 to $3.4 billion.

  • Nonprime loan fundings in February were $2.8 billion, up from $2.6 billion for the same period last year.

  • Pay-option loan fundings for the month were $5.6 billion, up from $4.6 billion in February 2005. Interest-only loan volume was $6.3 billion for February, up from $4.6 billion for the same period a year ago.

  • Average daily mortgage loan application activity in February was $2.5 billion, up 8 percent from the February 2005 level. The mortgage loan pipeline also rose by 8 percent from Feb. 28, 2005, to reach $59 billion at Feb. 28, 2006.

  • The mortgage loan servicing portfolio totaled $1.14 trillion at Feb. 28, 2006, an increase of $259 billion, or 29 percent, from Feb. 28, 2005.


What’s your opinion? Send your Letter to the Editor to

Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription