Industry News

Countrywide loan production up slightly in October

Delinquencies approaching 6%

Countrywide Financial Corp. boosted October loan production by 4 percent over the previous month, to $22 billion, funneling more than 90 percent of loan production through its banking division. Nonpurchase loans represented the majority of mortgage loans funded in October, at $12.7 billion, with Countrywide facilitating an additional $9.3 billion in purchase loans. Compared to a year ago, October loan production was down 48 percent, and delinquencies and foreclosures in Countrywide's $1.47 trillion loan servicing portfolio continued to grow, the company announced today. Delinquencies as a percentage of unpaid principal balance rose to 5.94 percent, compared with 3.97 percent a year ago. Foreclosures pending rose to 1.28 percent, more than double the 0.58 percent registered at the same time last year. The Calabasas, Calif.-based lender said last month that it lost $1.2 billion in the third quarter, and last week warned that its long-term debt ratings could be downgraded to ju...