Industry News

Countrywide: Consolidation to continue in lending industry

Declining mortgage volumes drive trend

Declining mortgage volumes will continue to drive consolidation in the home lending industry, a top Countrywide executive said Tuesday, according to media reports. Countrywide Financial Corp.'s President and Chief Operating Officer Stanford L. Kurland, said the industry will continue to consolidate, adding that the largest U.S. mortgage lender plans to keep growing internally, reports said. "We plan to continue our organic growth," Kurland said at a financial services conference sponsored by UBS AG (UBS) in New York, MarketWatch reported. Kurland said his Calabasas, Calif.-based company aims to strengthen its leading position in financing home purchases and servicing those loans with more product choices and enhanced customer services, according to reports. The remarks came after some recent merger-and-acquisition deals involving mortgage lenders raised questions about other potential takeover targets, reports said. Acquisitions in the mortgage industry have taken the spotlight this ...