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COUNTRYWIDE'S HOME LOAN ORIGINATIONS UP AS PURCHASE ACTIVITY CONTINUES TO RISE

 COUNTRYWIDE'S HOME LOAN ORIGINATIONS UP
 AS PURCHASE ACTIVITY CONTINUES TO RISE
 PASADENA, Calif., June 2 /PRNewswire/ -- Countrywide Credit Industries Inc. (NYSE: CCR), the nation's largest independent mortgage banker, announced that the company funded a record $2.22 billion in May 1992, exceeding $2.16 billion in April 1992 and $730 million in May 1991. The company's servicing portfolio continued to grow and rose to $33.4 billion vs. $17.1 billion in May 1991.
 The company's pipeline of loans-in-process remained strong at $4.5 billion as of May 31, 1992, compared to $4.7 billion at April 30, 1992, and $1.3 billion at May 31, 1991.
 "May's average daily fundings increased 13 percent over April levels indicating Countrywide's continued strength in the origination market," said David S. Loeb, chairman. "We are seeing the benefit from our efforts to increase our market penetration nationwide, an increase in home purchase activity in many parts of the country, and steady refinancing levels. As importantly, our servicing portfolio is growing and now stands at $33.4 billion with an average mortgage rate of less than 9 percent."
 Countrywide's adjustable-rate loan production totaled $519 million in May and represented 23 percent of total originations. The company stated that the nation's residential real estate market continued to show signs of improvement as evidenced by Countrywide's May home purchase loan fundings which rose 15 percent over April's figure and was 60 percent higher than January's level. Countrywide's refinance applications remained strong during May. Refinances represented 68 percent of total fundings in May 1992, compared to 45 percent in May 1991.
 Countrywide Credit Industries Inc. originates, purchases, sells and services loans for single-family homes. Countrywide was founded in 1969 and employs more than 2,000 people at its Pasadena headquarters and its retail and wholesale branches across the country.
 COUNTRYWIDE FUNDING CORP.
 Operating Statistics(A)
 May May Fiscal
 1992(B) 1991 YTD
 Avg. daily loan
 applications ($ millions) $159 $52 $152
 Loan production (fundings)
 ($ millions) $2,222 $730 $6,511
 Mass loan purchases
 ($ millions)(C) $70 $30 $280
 Servicing portfolio ($ millions) $33,434 $17,094 ---
 Servicing portfolio (units) 320,000 201,230 ---
 Pipeline (loans-in-process)
 ($ millions) $4,524 $1,265 ---
 Servicing acquisitions ($ millions) $71 $123 $653
 Servicing portfolio delinquency
 percent (30 days & over) 3.18 3.52 ---
 Servicing portfolio
 foreclosure percent 0.47 0.36 ---
 Working days 20 22 64
 (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. 3 of first quarter of fiscal year ending Feb. 28, 1993
 (C) Amount is included in "Loan production (fundings)" figure.
 -0- 6/2/92
 /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:


KJ-JL -- LA010 -- 6035 06/02/92 08:06 EDT
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Date:Jun 2, 1992
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