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COUNTRYWIDE LOAN PRODUCTION TOPS $4 BILLION; SERVICING PORTFOLIO RISES TO NEW HIGH OF $64 BILLION

 PASADENA, Calif., June 3 /PRNewswire/ -- Countrywide Credit Industries Inc. (NYSE: CCR), the nation's largest mortgage lender, announced that the company funded $4.1 billion in May 1993, 83 percent higher than the $2.2 billion produced in May 1992. The company's pipeline of loans in process rose to $7.8 billion at May 31, 1993, compared to $7.5 billion at April 30, 1993, and $4.5 billion at May 31, 1992.
 The company's single-family mortgage servicing portfolio rose to $63.9 billion at May 31, 1993, nearly doubling the $33.4 billion portfolio at May 31, 1992. On May 31, 1993, Countrywide's servicing portfolio had a weighted average coupon of 7.8 percent, compared to 8.9 percent at the end of May 1992.
 "Our record application and origination pace continues as we benefit from our growing loan production capacity and strong loan origination activity," said Angelo R. Mozilo, vice chairman. "Clearly, our focus is on substantially increasing our market share of purchase mortgage transactions by implementing various marketing strategies and expanding our retail branch network. Our growing servicing portfolio is young, has a low weighted average coupon and provides a solid base for future income."
 Countrywide's adjustable-rate loan production totaled $968 million in May 1993, and represented 24 percent of total production. Refinances represented 77 percent of total fundings, compared to 68 percent in May 1992. Purchase mortgage activity rose to $927 million in May 1993, compared to $709 million in May 1992. May 1993's loan applications averaged $283 million per day, up 78 percent over May 1992, when the daily application rate was $159 million.
 Countrywide Credit Industries Inc., founded in 1969, originates, purchases, sells and services loans for single-family homes.
 COUNTRYWIDE FUNDING CORP.
 Operating Statistics(A)
 May 1993(B) May 1992 Fiscal YTD
 Average daily loan
 applications ($ millions) $283 $159 $272
 Loan production
 (fundings) ($ millions) $4,073 $2,222 $11,501
 Mass loan purchases
 ($ millions)(C) $134 $70 $410
 Servicing portfolio
 ($ millions) $63,919 $33,434 ---
 Servicing portfolio (units) 530,968 320,000 ---
 Pipeline (loans in process)
 ($ millions) $7,848 $4,524 ---
 Servicing acquisitions
 ($ millions) 0 $71 $2,911
 Servicing portfolio
 delinquency pct. (30 days
 & over) 2.31 pct. 3.18 pct. ---
 Servicing portfolio
 foreclosure pct. .36 pct. 0.47 pct. ---
 Working days 20 20 65
 (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) Third month of fiscal year ending Feb. 28, 1994.
 (C) Amount is included in "Loan production (fundings)" figure.
 -0- 6/3/93
 /CONTACT: Karel Carnohan, 818-304-7523, or Laura Lippman, 818-304-4422, both of Countrywide Credit Industries/
 (CCR)


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

BP-JL -- LA019 -- 4746 06/03/93 08:01 EDT
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Date:Jun 3, 1993
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