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COUNTRYWIDE CREDIT PRODUCES $5 BILLION IN HOME LOANS; SERVICING PORTFOLIO RISES TO $80 BILLION

 PASADENA, Calif., Jan. 5 /PRNewswire/ -- Countrywide Credit Industries Inc. (NYSE: CCR), the nation's largest residential mortgage lender and servicer, announced today that the company funded $5.0 billion of residential home mortgages in December 1993, 59 percent higher than the $3.2 billion produced in December 1992. Production for the month of November 1993 was also $5.0 billion. The company's pipeline of loans in process totaled $7.9 billion at Dec. 31, 1993, 70 percent higher than the pipeline of $4.7 billion at Dec. 31, 1992. The company's pipeline of loans in process was $9.5 billion at Nov. 30, 1993.
 "Countrywide's loan production remained at a record level in December despite a moderate increase in interest rates, a typical seasonal slowdown in applications, and unfavorable weather conditions in many parts of the country," said Stanford L. Kurland, senior managing director and chief operating officer. "In connection with the normal seasonal decline in the pipeline, the company remains committed to keeping its loan origination infrastructure in line with production activity. At the same time, we are pleased with the continued trend of increasing home purchase activity."
 The company's single-family mortgage servicing portfolio rose to $80 billion at Dec. 31, 1993, 61 percent higher than the $50 billion portfolio at Dec. 31, 1992. Countrywide's servicing portfolio had a weighted average coupon of 7.3 percent at the end of December 1993 compared to 8.1 percent at the end of December 1992. Prepayments in the company's servicing portfolio totaled $2.8 billion in each of December and November 1993.
 Refinances represented 74 percent of total fundings in December 1993, compared to 78 percent in November 1993 and 73 percent in December 1992. Purchase mortgage activity rose to $1.3 billion in December 1993, vs. $1.1 billion in November 1993 and $0.8 billion in December 1992. Countrywide's adjustable-rate loan production totaled $0.8 billion in December 1993 and represented 16 percent of total production.
 Countrywide Credit Industries Inc., founded in 1969, originates, purchases, sells, and services loans for single-family homes.
 COUNTRYWIDE FUNDING CORP.
 Operating Statistics(a)
 December December Fiscal
 1993(b) 1992 YTD
 Avg. daily loan applications
 ($ millions) $225 $164 $286
 Loan production (fundings)
 ($ millions) $5,027 $3,167 $44,358
 Mass loan purchases ($ millions)(c) $74 $143 $1,034
 Servicing portfolio (in millions) $79,935 $49,788 ---
 Servicing portfolio (units) 658,065 436,715 ---
 Pipeline (loans in process)
 ($ millions) $7,927 $4,675 ---
 Servicing acquisition ($ millions) $0 $0 $3,385
 Servicing portfolio delinquency
 (percentage) 2.34% 3.21% ---
 Servicing portfolio foreclosure 0.30% 0.39% ---
 Working days 22 22 215
 (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 does 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) Tenth month of fiscal year ending Feb 28, 1994.
 (c) Amount is included in "Loan production (fundings)" figure.
 -0- 1/5/94
 /CONTACT: Karel Carnohan, 818-304-7523, or Catherine Zimring, 818-304-3843/
 (CCR)


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

NY-LS -- LA015 -- 9167 01/05/94 08:04 EST
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Publication:PR Newswire
Date:Jan 5, 1994
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