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COUNTRYWIDE CREDIT'S HOME LOAN PRODUCTION EXCEEDS $5 BILLION

 PASADENA, Calif., Dec. 3 /PRNewswire/ -- Countrywide Credit Industries Inc. (NYSE: CCR), the nation's largest residential mortgage lender and servicer, announced today that the company produced $5.0 billion of residential home mortgages in November 1993, 61 percent higher than the $3.1 billion produced in November 1992. The company's pipeline of loans in process totaled $9.5 billion at Nov. 30, 1993, vs. $9.6 billion at Oct. 31, 1993 and $5.7 billion at Nov. 30, 1992.
 The company's single-family mortgage servicing portfolio rose to $78 billion at Nov. 30, 1993, 64 percent higher than the $48 billion portfolio at Nov. 30, 1992. Countrywide's servicing portfolio had a weighted average coupon of 7.3 percent at the end of November 1993, compared to 8.2 percent at the end of November 1992. Prepayments in the company's servicing portfolio slowed in November and totaled $2.8 billion compared to $2.9 billion in October 1993.
 "Countrywide's record volume for the month and its continued strong pipeline reflect the success of its geographic diversification strategy," said Stanford L. Kurland, senior managing director and chief operating officer. "The weighted average coupon of the servicing portfolio has declined to 7.3 percent, which should contribute to a continued slowing of prepayment activity in the portfolio."
 Countrywide's adjustable-rate loan production totaled $0.8 billion in November 1993 and represented 16 percent of total production, Refinances represented 78 percent of total fundings in November of both 1992 and 1993. Loan applications during November 1993 averaged $312 million per day, up 58 percent over November 1992 when the daily average application rate was $198 million.
 Countrywide Credit Industries Inc. founded in 1969, originates, purchases, sells, and services loans for single-family homes.
 COUNTRYWIDE FUNDING CORP.
 Operating Statistics(a)
 Nov. 1993(b) Nov. 1992 Fiscal YTD
 Avg. daily loan applications
 ($ millions) $312 $198 $293
 Loan production (fundings)
 ($ millions) $5,009 $3,116 $39,331
 Mass loan purchases ($ millions)(c) $126 $137 $960
 Servicing portfolio ($ millions) $77,865 $47,539 ---
 Servicing portfolio (units) 641,272 419,913 ---
 Pipeline (loans in process)
 ($ millions) $9,498 $5,730 ---
 Servicing acquisitions ($ millions) $53 0 $3,385
 Servicing portfolio delinquency (pct.) 2.16 pct 3.19 pct ---
 Servicing portfolio foreclosure (pct.) 0.31 pct 0.40 pct ---
 Working days 21 20 193
 (a) Countrywide Funding Corp. is the primary subsidiary of Countrywide Credit Industries Inc. (the "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) Ninth month of fiscal year ending Feb. 28, 1994.
 (c) Amount is included in "Loan production (fundings)" figure.
 -0- 12/3/93
 /CONTACT: Karel Carnohan, 818-304-7523, or Laura Lippman, 818-304-4422/
 (CCR)


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

NY-LM -- LA002 -- 0094 12/03/93 08:01 EST
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Publication:PR Newswire
Date:Dec 3, 1993
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