Countrywide Financial Corp. funded $37.8 billion in mortgage loans in November, an 11 percent decline from the same month last year and 8 percent less than last month.

Although funding of all types of mortgage loans declined, the greatest difference between this year and last was in pay-option loans. At $3.2 billion, Countrywide’s pay-option loan production was down nearly 60 percent for the month, and year-to-date pay-option fundings are down 29 percent to $62 billion.

Purchase, home equity, subprime and adjustable-rate loans were also down for the month, with the greatest decline in ARM fundings. The $13.8 billion in ARM fundings for November represented a 34 percent decline from the same month last year. Purchase volume declined 18 percent to $15.8 billion, subprime loans were off 22 percent to $3.06 billion, and home equity funding was down 13 percent to $3.2 billion.

Countrywide Chief Executive Officer Angelo R. Mozilo said the November results reflect “transitional market conditions.” Mozilo said purchase volume fell as a result of continued softness in the housing market, as well as seasonality.

“Refinance activity declined as well, but falling long-term interest rates during November resulted in an increase in average daily application volume and an ending mortgage loan pipeline of $62 billion, indicative of strong funding volume for the remainder of the year,” Mozilo said in a statement.

Countrywide’s servicing portfolio continues to climb, reaching $1.3 trillion at the end of November, up 17 percent from the same time last year.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
The best event in real estate kicks off next week! Tickets are selling quickly.Register Now×
Limited time: Get 30 days of Inman Select for $5.SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription