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COUNTRYWIDE LOAN PRODUCTION SETS RECORD OF $3.9 BILLION; SERVICING PORTFOLIO RISES TO NEW HIGH OF $62 BILLION

 PASADENA, Calif., May 5 /PRNewswire/ -- Countrywide Credit Industries Inc. (NYSE: CCR), the nation's largest mortgage lender, announced that the company funded $3.9 billion in April 1993, 82 percent higher than the $2.2 billion produced in April 1992. The company's pipeline of loans in process rose to $7.5 billion at April 30, 1993, compared to $6.9 billion at March 31, 1993, and $4.7 billion at April 30, 1992.
 The company's single-family mortgage servicing portfolio rose to $61.6 billion at April 30, 1993, nearly doubling the $31.6 billion portfolio at April 30, 1992. On April 30, 1993, Countrywide's servicing portfolio had a weighted average coupon of 7.8 percent, compared to 9.0 percent at the end of April 1992.
 "Continued low mortgage rates and steady interest in home buying stimulated our loan activity in April," said Jerry Baker, managing director, production and support divisions. "Daily applications are at an all-time high, and Countrywide continues to capture market share and set new records as our expansion efforts take hold. We remain focused on increasing our share of the home purchase market and further developing the geographic diversification of our production capabilities."
 Countrywide's adjustable-rate loan production totaled $1.0 billion in April 1993, and represented 25 percent of total production. Refinances represented 77 percent of total fundings, compared to 71 percent in April 1992. April 1993's loan applications averaged $270 million per day, breaking the record level set in March of this year. The daily application rate was $150 million in April 1992.
 Countrywide Credit Industries Inc., founded in 1969, originates, purchases, sells and services loans for single-family homes.
 COUNTRYWIDE FUNDING CORP.
 Operating Statistics(a)
 April 1993(b) April 1992 Fiscal YTD
 Avg. daily loan
 applications ($ millions) $270 $150 $267
 Loan production (fundings)
 ($ millions) $3,941 $2,160 $7,428
 Mass loan purchases
 ($ millions)(c) $151 $97 $277
 Servicing portfolio
 ($ millions) $61,603 $31,638 ---
 Servicing portfolio
 (units) 513,641 307,924 ---
 Pipeline (loans in process)
 ($ millions) $7,543 $4,669 ---
 Servicing acquisitions
 ($ millions) --- $122 $2,911
 Servicing portfolio
 delinquency pct
 (30 days and over) 2.12 pct 3.32 pct ---
 Servicing portfolio
 foreclosure pct 0.38 pct 0.47 pct ---
 Working days 22 22 45
 (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) Second month of fiscal year ending Feb. 28, 1994.
 (c) Amount is included in "Loan production (fundings)" figure.
 -0- 5/5/93
 /CONTACT: Karel Carnohan, 818-304-7523, or Laura Lippman, 818-304-4422, both of Countrywide Credit Industries/
 (CCR)


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

LS-BP -- LA014 -- 4694 05/05/93 08:02 EDT
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Date:May 5, 1993
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