Industry News

Real estate loan fundings up at Countrywide

Funding shows 10 percent jump

Countrywide Financial reported operational highlights for March, saying that mortgage loan funding totaled $40 billion, an increase of 10 percent from the prior year period. The Calabasas, Calif.-based company said the $40 billion in March mortgage loan fundings brings year-to-date fundings to $103 billion, up 13 percent over last year. "Countrywide's mortgage banking activity remained strong in the first quarter of 2006," said Stanford L. Kurland, President and Chief Operating Officer. "Mortgage loan fundings of $40 billion for March 2006 were up 10 percent year-over-year and 29 percent over the prior month." Kurland noted that as the yield curve remained flat, "we saw the continuation of a shift toward fixed-rate products. In March 2006, adjustable-rate fundings were 48 percent of total loan fundings, the lowest percent since April 2004. On the servicing side, delinquencies fell to 3.68 percent, the lowest level since August 2005, the month prior to Hurricane Katrina's impact." Adj...