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COUNTRYWIDE LOAN PRODUCTION RISES TO $4.4 BILLION, PIPELINE OF LOANS IN PROCESS TOPS $8 BILLION

 PASADENA, Calif., July 6 /PRNewswire/ -- Countrywide Credit Industries Inc. (NYSE: CCR), the nation's largest mortgage lender, announced that the company funded a record $4.4 billion in June 1993, 79 percent higher than the $2.5 billion produced in June 1992. The company's pipeline of loans in process rose to $8.2 billion at June 30, 1993, compared to $7.8 billion at May 31, 1993, and $4.4 billion at June 30, 1992.
 The company's single-family mortgage servicing portfolio rose to $66.5 billion at June 30, 1993, nearly doubling the $36.1 billion portfolio at June 30, 1992. On June 30, 1993, Countrywide's servicing portfolio had a weighted average coupon of 7.7 percent, compared to 8.8 percent at the end of June 1992.
 "Countrywide continues to gain momentum as demand for home mortgages grows and we penetrate new and existing markets," said Jerry Baker, managing director, production and support. "We are realizing the benefits of our marketing strategies which are designed to increase our share of the market, particularly the home purchase mortgage market. Countrywide is increasingly recognized as the leader in mortgage lending and this growing awareness is helping our market penetration efforts. During the first four months of our fiscal year, we increased our production capacity and our monthly production level has grown 76 percent since February."
 Countrywide's adjustable-rate loan production totaled $941 million in June 1993 and represented 21 percent of total production. Refinances represented 75 percent of total fundings, compared to 65 percent in June 1992. Purchase mortgage activity rose to $1.1 billion in June 1993, compared to $860 million in June 1992. June 1993's loan applications averaged $288 million per day, up 80 percent over June 1992 when the daily application rate was $160 million. Daily applications averaged $283 million per day in May 1993.
 Countrywide Credit Industries Inc., founded in 1969, originates, purchases, sells and services loans for single-family homes.
 COUNTRYWIDE FUNDING CORP.
 Operating Statistics(a)
 June June Fiscal
 1993(b) 1992 YTD
 Avg. daily loan
 applications ($ millions) $288 $160 $276
 Loan production
 (fundings) ($ millions) $4,443 $2,483 $15,944
 Mass loan purchases
 ($ millions)(c) $101 $86 $511
 Servicing portfolio
 ($ millions) $66,517 $36,052 ---
 Servicing portfolio (units) 550,016 340,324 ---
 Pipeline (loans in
 process)($ millions) $8,224 $4,412 ---
 Servicing acquisitions
 ($ millions) 0 $630 $2,911
 Servicing portfolio
 delinquency percent
 (30 days and over) 2.24 pct 3.20 pct ---
 Servicing portfolio
 foreclosure percent 0.34 pct 0.45 pct ---
 Working days 22 22 87
 (a) Countrywide Funding Corp. is the primary subsidiary of Countrywide Credit Industries Inc. ("company") and is engaged in mortgage banking. The above data reflect current operating statistics and do not constitute all factors impacting the quarterly and annual financial results of the company. All figures are unaudited and monthly figures may be adjusted in the reported financial statements of the company. Such financial statements are provided by the company quarterly. The company makes no commitment to update this information for changes in circumstances or events which occur subsequent to the date of this release.
 (b) Fourth month of fiscal year ending Feb. 28, 1994.
 (c) Amount is included in "Loan production (fundings)" figure.
 -0- 7/6/93
 /CONTACT: Karel Carnohan, 818-304-7523, or Laura Lippman, 818-304-4422, both of Countrywide Credit Industries/
 (CCR)


CO: Countrywide Credit Industries Inc.; Countrywide Funding Corp. ST: California IN: FIN SU:

MF-JL -- LA011 -- 8475 07/06/93 08:02 EDT
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Publication:PR Newswire
Date:Jul 6, 1993
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