Industry News

Seasonal slowdown continues at Countrywide

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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 ...