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COUNTRYWIDE LOAN PRODUCTION SETS RECORD OF $3.5 BILLION; PIPELINE OF LOANS IN PROCESS AT RECORD $6.9 BILLION

 PASADENA, Calif., April 5 /PRNewswire/ -- Countrywide Credit Industries Inc. (NYSE: CCR), the nation's largest mortgage lender, announced that the company funded $3.5 billion in March 1993, 64 percent higher than the $2.1 billion produced in March 1992. The company's pipeline of loans-in-process rose to $6.9 billion as of March 31, 1993, compared to $5.9 billion at Feb. 28, 1993 and $4.6 billion at March 31, 1992.
 The company's single-family mortgage servicing portfolio rose to $59.5 billion at March 31, 1993, nearly doubling the $29.9 billion portfolio at March 31, 1992. On March 31, 1993, Countrywide's servicing portfolio had a weighted average coupon of 7.9 percent compared to 9.1 percent at the end of March 1992. During March 1993, the company purchased a $2.8 billion servicing portfolio from Residential Funding Corp., a subsidiary of General Motors Acceptance Corp.
 "Countrywide's business strategy is clearly working," said Angelo R. Mozilo, vice chairman. "Market penetration strategies and a strengthening of the home purchase lending market have bolstered loan production, and we are gaining market share. We enter April with a pipeline of just under $7 billion and a low-coupon servicing portfolio of about $60 billion. We will continue to fortify our loan production capabilities and explore select purchases of servicing to enhance our portfolio. With these funding and servicing capabilities in place, Countrywide is positioned to build shareholder value even in the face of changing interest rates."
 Countrywide's adjustable-rate loan production totaled $1 billion in March 1993 and represented 29 percent of total production. Refinances represented 73 percent of total fundings compared to 76 percent in March 1992. March 1993's loan applications averaged $264 million per day, the highest level in the company's history, vs. $148 million per day in March 1992.
 Countrywide Credit Industries Inc., founded in 1969, originates, purchases, sells and services loans for single-family homes.
 COUNTRYWIDE FUNDING CORP.
 Operating Statistics(a)
 March 1993(b) March 1992
 Avg. daily loan applications
 ($ millions) $264 $148
 Loan production (fundings)
 ($ millions) $3,487 $2,129
 Mass loan purchases ($ millions)(c) $125 $113
 Servicing portfolio ($ millions) $59,502 $29,905
 Servicing portfolio (units) 488,592 296,031
 Pipeline (loans-in-process)
 ($ millions) $6,937 $4,559
 Servicing acquisitions ($ millions) $2,911 $460
 Servicing portfolio delinquency
 percent (30 days and over) 2.32 pct 3.38 pct
 Servicing portfolio foreclosure
 percent 0.38 pct 0.47 pct
 Working days 23 22
 (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) First month of fiscal year ending Feb. 28, 1994.
 (c) Amount is included in "Loan production (fundings)" figure.
 -0- 4/5/93
 /CONTACT: Karel Carnohan, 818-304-7523, or Laura Lippman, 818-304-4422, both of Countrywide Credit Industries/
 (CCR)


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

LS-KJ -- LA006 -- 2858 04/05/93 08:04 EDT
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Date:Apr 5, 1993
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