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COUNTRYWIDE'S OCTOBER MORTGAGE ORIGINATIONS TOP $1 BILLION

      COUNTRYWIDE'S OCTOBER MORTGAGE ORIGINATIONS TOP $1 BILLION
    PASADENA, Calif., Nov. 6 /PRNewswire/ -- Countrywide Credit Industries Inc. (NYSE: CCR), the nation's largest independent mortgage banker, announced that the company originated a monthly record $1.2 billion in residential mortgage loans during October, 187 percent higher than October 1990 originations which totaled $407 million.  October 1991 originations included $46 million in home mortgages purchased under the company's mass loan purchase program. The company's pipeline of loans in process totaled $2.1 billion, compared to $730 million in October a year ago.
    Countrywide's servicing portfolio grew to $22.0 billion in October, up from $20.4 billion in September 1991 and $14.0 billion in October 1990, reflecting the company's ongoing strategy to increase the loan servicing segment of its business.
    "Breaking a billion dollars in originations is a company record and quite an achievement, especially if you consider the current real estate environment," said Jerry Baker, managing director of Production and Support Divisions.  "Low interest rates continue to fuel consumer demand, and the company is experiencing greater market share due in part to industry consolidation."
    Countrywide Credit Industries Inc. originates, purchases, sells and services loans for single-family homes.  Countrywide was founded in 1969 and employs more than 1,300 people at its Pasadena headquarters and its retail and wholesale branches across the country.
                   COUNTRYWIDE FUNDING CORPORATION
                       Operating Statistics (a)
                                October 1991 (b)      Fiscal YTD
    Avg. daily loan
     applications ($ millions             $92                $61
    Loan production ($ millions)       $1,168             $6,320
    Servicing portfolio ($ millions)  $21,949                ---
    Servicing portfolio (units)       238,977                ---
    Pipeline (loans-in-process)
     ($ millions)                      $2,145                ---
    Servicing acquisitions
     ($ millions)                        $359              $1,365
    Servicing sales ($ millions)-flow     $14                $193
    Servicing sales ($ millions)-bulk     ---                 ---
    Servicing portfolio delinquency
     percent (30 days & over)        3.72 pct.              ---
    Servicing portfolio foreclosure
     percent                         0.41 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. 2 of third quarter of fiscal year ending Feb. 29, 1992.
    -0-                          11/6/91
    /CONTACT:  Karel Carnohan of Countrywide Credit Industries Inc., 818-304-7523/
    (CCR) CO:  Countrywide Credit Industries Inc. ST:  California IN:  FIN SU: CH-SE -- LA011 -- 1527 11/06/91 08:04 EST
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Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Nov 6, 1991
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