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COUNTRYWIDE'S DECEMBER MORTGAGE ORIGINATIONS UP 209 PERCENT, REACH RECORD $1.4 BILLION

 COUNTRYWIDE'S DECEMBER MORTGAGE ORIGINATIONS
 UP 209 PERCENT, REACH RECORD $1.4 BILLION
 PASADENA, Calif., Jan. 6 /PRNewswire/ -- Countrywide Credit Industries Inc. (NYSE: CCR), the nation's largest independent mortgage banker, announced that the company originated a monthly record $1.4 billion in residential mortgage loans during December 1991, 209 percent higher than December 1990 originations which totaled $444 million. December 1991 originations included $71 million in home mortgages purchased under the company's mass loan purchase program. The company's pipeline of loans in process totalled $2.7 billion, compared to $782 million in December a year ago.
 Countrywide's servicing portfolio grew to $24.3 billion in December, up from $22.9 billion in November 1991 and $15.2 billion in December 1990, reflecting the company's ongoing strategy to increase the loan servicing segment of its business.
 "As our record production continues, it is building up Countrywide's most important asset -- its servicing portfolio," said Angelo R. Mozilo, vice chairman. "As more people qualify to buy new homes and other home owners reduce their payments through refinancing, Countrywide benefits with record loan levels and the valuable growth of its servicing portfolio."
 Countrywide Credit Industries Inc. originates, purchases, sells and services loans for single-family homes. Countrywide was founded in 1969 and employs over 1,500 people at its Pasadena headquarters and its retail and wholesale branches across the country.
 COUNTRYWIDE FUNDING CORPORATION
 Operating Statistics (a)
 December 1991 (b) Fiscal YTD
 Avg. daily loan
 applications ($ millions) $109 $69
 Loan production
 ($ millions) $1,370 $8,940
 Servicing portfolio
 ($ millions) $24,297 ---
 Servicing portfolio
 (units) 254,720 ---
 Pipeline (loans-in-process)
 ($ millions) $2,718 ---
 Servicing acquisitions
 ($ millions) $383 $1,938
 Servicing sales ($ millions)
 -- flow $8 $215
 Servicing sales ($ millions)
 -- bulk --- ---
 Servicing portfolio delinquency
 pct. (30 days & over) 4.31 pct. ---
 Servicing portfolio fore-
 closure pct. 0.40 pct. ---
 (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) Month No. 1 of fourth quarter of fiscal year ending Feb. 29, 1992.
 -0- 1/6/92
 /CONTACT: Karel Carnohan, 818-304-7523, or Laura Lippman, 818-304-4422, both of Countrywide Credit/
 (CCR) CO: Countrywide Credit Industries ST: California IN: FIN SU:


SE-KJ -- LA009 -- 6734 01/06/92 08:06 EST
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Date:Jan 6, 1992
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