Industry News

Countrywide’s real estate loan production down

Home equity loans see growth in June

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Countrywide Financial Corp.'s mortgage loan fundings for June were $42 billion, down 11 percent from a year ago, the company announced today. Second-quarter-2006 funding volume totaled $117 billion, a decline of 3 percent from the same period last year. But the Calabasas, Calif.-based company said year-to-date loan fundings are still up 4 percent from last year at $220 billion. Monthly purchase volume was $21 billion, a 12 percent drop from the $24 billion reported for June 2005. Purchase activity for the second quarter of 2006 totaled $55 billion, down 9 percent from the same year-ago period. Year-to-date purchase activity is essentially unchanged at $102 billion. Adjustable-rate loan fundings for June were $20 billion, a 23 percent decline from June 2005, and bringing adjustable-rate production for the second quarter to $57 billion, down 16 percent from last year. Year-to-date adjustable-rate volume now stands at $108 billion, a decline of 6 percent from last year. Home equity loan...