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COUNTRYWIDE CREDIT'S LOAN PRODUCTION STRONG AT $4.3 BILLION; PIPELINE OF LOANS IN PROCESS TOPS $9 BILLION

 PASADENA, Calif., Aug. 4 /PRNewswire/ -- Countrywide Credit Industries Inc. (NYSE: CCR), the nation's largest residential mortgage lender, announced that the company funded $4.3 billion in July 1993, 67 percent higher than the $2.6 billion produced in July 1992. The company's pipeline of loans in process rose to $9.1 billion at July 31, 1993, compared to $8.2 billion at June 30, 1993, and $5.3 billion at July 31, 1992.
 The company's single-family mortgage servicing portfolio rose to $69.2 billion at July 31, 1993, compared to a $38.3 billion portfolio at July 31, 1992. On July 31, 1993, Countrywide's servicing portfolio had a weighted average coupon of 7.6 percent, compared to 8.7 percent at the end of July 1992.
 "Countrywide is seeing very healthy loan application trends throughout the country as consumers take advantage of historically low mortgage rates to purchase or refinance their homes," said Angelo R. Mozilo, vice chairman. "As Countrywide expands its loan production network and introduces new technologies to make the loan process more efficient, it is capturing a bigger share of the market. Its servicing portfolio continues to grow and be strengthened by new low-coupon loans from its production operations."
 A record number of home buyers applied for loans at Countrywide during July, and the company's pipeline of loans in process reached an all-time high of $9.1 billion. July's loan fundings of $4.3 billion were slightly below June's $4.4 billion, primarily due to July having fewer working days than June.
 Countrywide's adjustable-rate loan production totaled $0.8 billion in July 1993 and represented 20 percent of total production. Refinances represented 71 percent of total fundings, compared to 67 percent in July 1992. Purchase mortgage activity rose to $1.3 billion in July 1993, compared to $0.9 billion in July 1992. July 1993's loan applications rose to a record average $316 million per day, up 50 percent over July 1992 when the daily average application rate was $211 million. Daily applications averaged $288 million in June 1993.
 Countrywide Credit Industries Inc., founded in 1969, originates, purchases, sells and services loans for single-family homes.
 COUNTRYWIDE FUNDING CORP.
 Operating Statistics(a)
 July July Fiscal
 1993(b) 1992 YTD
 Avg. daily loan applications
 ($ millions) $316 $211 $284
 Loan production (fundings)
 ($ millions) $4,344 $2,603 $20,288
 Mass loan purchases ($ millions)(c) $80 $99 $591
 Servicing portfolio ($ millions) $69,224 $38,297 ---
 Servicing portfolio (units) 570,747 355,512 ---
 Pipeline (loans in process)
 ($ millions) $9,059 $5,317 ---
 Servicing acquisitions ($ millions) $248 $192 $3,159
 Servicing portfolio delinquency
 (percent) 2.13 pct 2.82 pct ---
 Servicing portfolio foreclosure
 (percent) 0.32 pct 0.43 pct ---
 Working days 21 22 108
 (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) Fifth month of fiscal year ending Feb. 28, 1994.
 (c) Amount is included in "Loan production (fundings)" figure.
 -0- 8/4/93
 /CONTACT: Karel Carnohan, 818-304-7523, or Catherine Zimring, 818-666-3843, both of Countrywide Credit Industries/
 (CCR)


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

JL-LM -- LA018 -- 9197 08/04/93 08:37 EDT
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Date:Aug 4, 1993
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