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COUNTRYWIDE CREDIT'S LOAN PRODUCTION STRONG AT $4.8 BILLION, SERVICING PORTFOLIO PASSES $72 BILLION

 PASADENA, Calif., Sept. 3 /PRNewswire/ -- Countrywide Credit Industries Inc. (NYSE: CCR), the nation's largest residential mortgage lender and servicer, announced today that the company funded $4.8 billion in August 1993, 71 percent higher than the $2.8 billion produced in August 1992. The company's pipeline of loans in process was $9.0 billion at Aug. 31, 1993, compared to $9.1 billion at July 31, 1993, and $6.0 billion at Aug. 31, 1992.
 The company's single-family mortgage servicing portfolio rose to $72.1 billion at Aug. 31, 1993, compared to a $40.7 billion portfolio at Aug. 31, 1992. Countrywide's servicing portfolio had a weighted average coupon of 7.5 percent at the end of August 1993, compared to 8.6 percent at the end of August 1992.
 "Loan production is vibrant in most areas of the country," said Angelo R. Mozilo, vice chairman. "Countrywide's recognition is increasing across the nation as we open new office locations and implement a far-reaching marketing and advertising campaign. Countrywide's servicing portfolio continues to grow as strong loan production volumes more than replace portfolio prepayments caused by refinances."
 Every Countrywide loan production division set monthly loan volume records in August; the Retail Division funded $676 million, Wholesale Division funded $2.1 billion, Correspondent Division funded $1.7 billion and the Consumer Division funded $303 million during August. Countrywide's adjustable-rate loan production totaled $0.8 billion in August 1993 and represented 18 percent of total production. Refinances represented 74 percent of total fundings, compared to 72 percent in August 1992. Purchase mortgage activity rose to $1.3 billion in August 1993, compared to $0.8 billion in August 1992. Loan applications during August 1993 averaged $294 million per day, up 32 percent over August 1992 when the daily average application rate was $222 million.
 Countrywide Credit Industries Inc., founded in 1969, originates, purchases, sells and services loans for single-family homes.
 COUNTRYWIDE FUNDING CORP.
 Operating Statistics(a)
 August August Fiscal
 1993(b) 1992 YTD
 Avg. daily loan applications
 ($ millions) $294 $222 $285
 Loan production (fundings)
 ($ millions) $4,812 $2,816 $25,100
 Mass loan purchases
 ($ millions)(c) $75 $130 $665
 Servicing portfolio ($ millions) $72,096 $40,659 ---
 Servicing portfolio (units) 592,285 371,617 ---
 Pipeline (loans in process)
 ($ millions) $9,039 $5,953 ---
 Servicing acquisitions
 ($ millions) $148 $256 $3,307
 Servicing portfolio
 delinquency (pct) 2.18 pct 3.06 pct ---
 Servicing portfolio foreclosure
 (pct) 0.31 pct 0.43 pct ---
 Working days 22 21 130
 (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) Sixth month of fiscal year ending Feb. 28, 1994.
 (c) Amount is included in "Loan production (fundings)" figure.
 -0- 9/3/93
 /CONTACT: Karel Carnohan, 818-304-7523, or Catherine Zimring, 818-666-3843/
 (CCR)


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

JL-MF -- LA006 -- 8691 09/03/93 08:00 EDT
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Publication:PR Newswire
Date:Sep 3, 1993
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