Industry News

Countrywide’s real estate loan production falls 19%

ARMs take biggest hit, down significantly from last year

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Countrywide Financial Corp. reported Wednesday that mortgage loan funding in July totaled $36 billion, a 19 percent decline from the same month last year. The number of adjustable-rate loans funded in July plummeted 27 percent to $16.9 billion. At $125 billion, year-to-date adjustable rate volume is down 10 percent from last year. "Residential mortgage loan production for the month of July 2006 reflected current market conditions," said Stanford L. Kurland, president and chief operating officer. "The decline in purchase activity was consistent with our overall funding volume, as the pace of home sales has slowed." Total mortgage funding in units for July was 194,831, down 18 percent from the 236,763 units in the same month last year. Average daily mortgage loan application activity in July was $2.5 billion, a decrease of 15 percent from last year. The mortgage loan pipeline was $62 billion on July 31, 2006, compared with $77 billion at the end of the month last year. Home equity loa...