Printer Friendly


 PASADENA, Calif., Oct. 5 /PRNewswire/ -- Countrywide Credit Industries Inc. (NYSE: CCR), the nation's largest residential mortgage lender and servicer, announced today that the company produced $4.5 billion of residential home mortgages in September 1993, 42 percent higher than the $3.2 billion produced in September 1992. The company's pipeline of loans in process rose to $9.1 billion at Sept. 30, 1993, vs. $9.0 billion at Aug. 31, 1993, and $6.2 billion at Sept. 30, 1992.
 The company's single-family mortgage servicing portfolio rose to $74.1 billion at Sept. 30, 1993, 72 percent higher than the $43.0 billion portfolio at Sept. 30, 1992. Countrywide's servicing portfolio had a weighted average coupon of 7.5 percent at the end of September 1993, compared to 8.5 percent at the end of September 1992. Prepayments in the company's servicing portfolio totaled $2.4 billion in September 1993.
 "Countrywide's loan activity remained healthy in all of its production divisions," said Stanford L. Kurland, senior managing director and chief operating officer. "The impact of its expansion strategies is taking hold as demonstrated by continued growth in the retail division which produced a record $695 million in September. Countrywide will maintain efforts to increase its share of the mortgage market by executing a well-planned and disciplined growth strategy in its four production divisions. This growth in production capability is the most effective way to build a valuable servicing portfolio."
 Countrywide's adjustable-rate loan production totaled $0.8 billion in September 1993 and represented 18 percent of total production. Refinances represented 75 percent of total fundings, compared to 78 percent in September 1992. Purchase mortgage activity rose to $1.1 billion in September 1993, vs. $0.7 billion in September 1992. Loan applications during September 1993 averaged $298 million per day, up 35 percent over September 1992 when the daily average application rate was $220 million.
 Countrywide Credit Industries Inc., founded in 1969, originates, purchases, sells and services loans for single-family homes.
 Operating Statistics(a)
 September September Fiscal
 1993(b) 1992 YTD
 Avg. daily loan
 applications ($ millions) $298 $220 $287
 Loan production (fundings)
 ($ millions) $4,504 $3,182 $29,603
 Mass loan purchases
 ($ millions)(c) $75 $177 $740
 Servicing portfolio
 ($ millions) $74,061 $42,980 ---
 Servicing portfolio (units) 608,776 387,789 ---
 Pipeline (loans in process)
 ($ millions) $9,150 $6,248 ---
 Servicing acquisitions
 ($ millions) $25 $146 $3,332
 Servicing portfolio
 delinquency (pct) 2.29 pct 3.27 pct ---
 Servicing portfolio
 foreclosure (pct) 0.29 pct 0.40 pct ---
 Working days 21 21 151
 (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) Seventh month of fiscal year ending Feb. 28, 1994.
 (c) Amount is included in "Loan production (fundings)" figure.
 -0- 10/5/93
 /CONTACT: Karel Carnohan, 818-304-7523, or Catherine Zimring, 818-666-3843/

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

JL-NY -- LA009 -- 8692 10/05/93 08:01 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 5, 1993

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters