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COUNTRYWIDE'S FEBRUARY MORTGAGE ORIGINATIONS REACH RECORD $1.64 BILLION

COUNTRYWIDE'S FEBRUARY MORTGAGE ORIGINATIONS REACH RECORD $1.64 BILLION
 PASADENA, Calif., March 3 /PRNewswire/ -- Countrywide Credit Industries Inc. (NYSE: CCR), the nation's largest independent mortgage banker, announced that the company originated $1.64 billion in residential mortgage loans during February 1992, significantly higher than February 1991 originations which totaled $361 million. The record- breaking February 1992 originations included $78 million in home mortgages purchased under the company's mass loan purchase program. Originations in January 1992 totalled $1.58 billion.
 At Feb. 29, 1992, the company's pipeline of loans in process totaled $4.4 billion, compared to $3.8 billion at Jan. 31, 1992, and $830 million at Feb. 28, 1991. Countrywide's servicing portfolio grew to $27.5 billion at Feb. 29, 1992, up from $26.1 billion at Jan. 31, 1992, and $15.7 billion at Feb. 28, 1991, reflecting the company's ongoing strategy to increase the loan servicing segment of its business.
 "Record February volumes were achieved by strong increases in both purchase and refinance fundings," said Jerry Baker, managing director of production and support divisions. "Average daily loan application volume increased from $150 million in January to $153 million in February as a result of both a 21 percent increase in average daily purchase applications and continued strong refinance applications. Attractive interest rates and home prices continue to stimulate first-time home buying."
 Countrywide Credit Industries Inc. originates, purchases, sells and services loans for single-family homes. Countrywide was founded in 1969 and employs more than 1,700 people at its Pasadena headquarters and its retail and wholesale branches across the country.
 COUNTRYWIDE FUNDING CORP.
 Operating Statistics (a)
 February 1992 (b) Fiscal YTD
 Avg. daily loan applications
 ($ millions) $153 $82
 Loan production (fundings)
 ($ millions) $1,638 $12,156
 Servicing portfolio
 ($ millions) $27,543 ---
 Servicing portfolio (units) 280,253 ---
 Pipeline (loans-in-process)
 ($ millions) $4,396 ---
 Servicing acquisitions
 ($ millions) $324 $2,870
 Servicing sales
 ($ millions) - flow $4 $234
 Servicing sales
 ($ millions) - bulk --- ---
 Servicing portfolio
 delinquency pct. (30 days
 & over) 3.85 pct. ---
 Servicing portfolio
 foreclosure pct. 0.46 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) Final month of fiscal year ended Feb. 29, 1992.
 -0- 3/3/92
 /CONTACT: Karel Carnohan, 818-304-7523, or Laura Lippman, 818-304-4422, both of Countrywide Credit Industries/
 (CCR) CO: Countrywide Credit Industries Inc. ST: California IN: FIN SU:


DM-JL -- LA009 -- 4304 03/03/92 08:03 EST
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Date:Mar 3, 1992
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