COUNTRYWIDE'S SERVICING HITS $248 BILLION AT YEAR-END 1999.CALABASAS, CALIFORNIA--BASED COUNTRYwide coun·try·wide adv. & adj. Throughout a whole country; nationwide: launched a fundraising campaign countrywide; a countrywide search. Adj. 1. Credit Industries, Inc., has announced that mortgage loan fundings were $4.2 billion in December 1999 and the pipeline of loans in process totaled $7 billion on December 31, 1999. The company's servicing portfolio increased to $246 billion on December 31, 1999, 18 percent higher than a year ago, with a weighted average coupon Weighted average Coupon The weighted average of the gross interest rates of mortgages underlying a pool as of the pool issue date; the balance of each mortgage is used as the weighting factor. of 7.5 percent. Countrywide's fixed-rate loan Fixed-rate loan A loan whose rate is fixed for the life of the loan. production amounted to $3.3 billion, or 78 percent of total production, in December 1999--compared with $9.1 billion, or 97 percent of total production, in December 1998. Purchase mortgage activity was $3.2 billion in December 1999, compared with $3.7 billion in December 1998. Refinances represented 24 percent of total fundings in December 1999, versus 61 percent in December 1998. The company funded $371 million of home-equity loans Home-Equity Loan A consumer loan secured by a second mortgage, allowing home owners to borrow against their equity in the home. The loan is based on the difference between the homeowner's equity and the home's current market value. in December 1999--compared with $195 million in December 1998--and subprime loan Subprime Loan A loan that is offered at a rate above prime to individuals who do not qualify for prime rate loans. Notes: Subprime loans tend to have a rate that is 0.1% to 0.6% higher than the prime rate. funding activity was $388 million in December 1999, compared with $155 million in December 1998. |
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