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COUNTRYWIDE LOAN PRODUCTION UP 54 PERCENT; PIPELINE OF LOANS IN PROCESS RISES TO $5.9 BILLION

 PASADENA, Calif., March 3 /PRNewswire/ -- Countrywide Credit Industries Inc. (NYSE: CCR), the nation's largest mortgage lender, announced that the company funded $2.5 billion in February 1993, 54 percent higher than the $1.6 billion produced in February 1992. The company's pipeline of loans-in-process totalled $5.9 billion as of Feb. 28, 1993, compared to $4.8 billion at Jan. 31, 1993, and $4.4 billion at Feb. 29, 1992.
 The company's single-family mortgage servicing portfolio rose to $54.4 billion at Feb. 28, 1993, nearly doubling the $27.5 billion portfolio at Feb. 29, 1992. On Feb. 28, 1993, Countrywide's servicing portfolio had a weighted average coupon of 8.0 percent compared to 9.2 percent at the end of February 1992.
 "Loan applications in February were the highest in the history of the company," said Stanford L. Kurland, chief operating officer. "Our pipeline of loans in process grew to nearly $6 billion as mortgage activity picked up in most parts of the country. We are seeing very healthy increases in applications for home purchases as well as continued refinance volumes. As importantly, our servicing portfolio exceeds $54 billion and carries an average coupon of 8 percent. In the fiscal year just ended, Countrywide produced a record $32.4 billion in loans and nearly doubled iof balancing our expanding loan production capabilities with our growing servicing portfolio will help reduce the sensitivity of the company's earnings to changes in interest rates."
 Countrywide's adjustable-rate loan production totalled $736 million in February 1993 and represented 29 percent of total production. Refinances represented 71 percent of total fundings compared to 75 percent in February 1992. Home purchase applications averaged 525 per day vs. 313 per day in February of last year, up 68 percent. Refinance applications averaged 1,318 per day in February 1993 vs. 748 per day last year, up 76 percent.
 Countrywide Credit Industries Inc., founded in 1969, originates, purchases, sells and services loans for single-family homes.
 COUNTRYWIDE FUNDING CORP.
 Operating Statistics(a)
 Fiscal
 February 1993(b) February 1992 1993 YTD
 Average daily loan
 applications ($ millions) $251 $153 $191
 Loan production (fundings)
 ($ millions) $2,524 $1,638 $32,388
 Mass loan purchases
 ($ millions)(c) $102 $78 $1,462
 Servicing portfolio
 ($ millions) $54,418 $27,543 ---
 Servicing portfolio (units) 472,248 280,253 ---
 Pipeline (loans-in-process)
 ($ millions) $5,865 $4,396 ---
 Servicing acquisitions
 ($ millions) $516 $324 $2,670
 Servicing portfolio
 delinquency percent
 (30 days and over) 3.09 pct 3.85 pct ---
 Servicing portfolio
 foreclosure percent 0.38 pct 0.46 pct ---
 Working days 19 19 253
 (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) Final month of fiscal year ended Feb. 28, 1993.
 (c) Amount is included in "Loan production (fundings)" figure.
 -0- 3/3/93
 /CONTACT: Karel Carnohan, 818-304-7523, or Laura Lippman, 818-304-4422, both of Countrywide Credit/
 (CCR)


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

LS-JB -- LA008 -- 2276 03/03/93 08:07 EST
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Date:Mar 3, 1993
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