Industry News

Countrywide loan fundings up slightly from October

Lender has cut 11,000 positions in originations

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Countrywide Financial Corp. funded $23.1 billion in residential mortgage loans in November, up 5 percent from October but down 40 percent from a year ago. As has been the case in every month during the past year except August, refinancings ($13.4 billion) surpassed purchase loans ($9.7 billion). Countrywide, which posted a $1.2 billion third-quarter loss -- its first in 25 years -- said delinquencies and foreclosures in the company's $1.47 trillion loan servicing portfolio continued to rise in November. Delinquencies as a percentage of unpaid principal balance hit 6.25 percent in November, up from 5.94 percent the previous month and 4.15 percent a year ago. Foreclosures pending hit 1.28 percent, compared with 0.6 percent a year ago. Subprime loan fundings have dwindled to almost nothing, as Countrywide has shifted production to loans eligible for repurchase by Fannie Mae and Freddie Mac. The $17 million in subprime loans funded in November compares with $42 million in Oct...