COUNTRYWIDE ORIGINATES $2.5 BILLION IN HOME LOANS; SERVICING PORTFOLIO RISES TO $36 BILLION
COUNTRYWIDE ORIGINATES $2.5 BILLION IN HOME LOANS;
SERVICING PORTFOLIO RISES TO $36 BILLION
PASADENA, Calif., July 2 /PRNewswire/ -- Countrywide Credit Industries Inc. (NYSE: CCR), the nation's largest independent mortgage banker, announced that the company funded a record $2.5 billion in June 1992, more than tripling the $763 million produced in June 1991. The company's servicing portfolio rose to $36.1 billion vs. $17.9 billion in June 1991.
The company's pipeline of loans-in-process remained strong at $4.4 billion as of June 30, 1992, compared to $4.5 billion at May 31, 1992, and $1.2 billion at June 30, 1991.
"We are seeing strength in many real estate markets around the United States," said David S. Loeb, chairman. "Purchase activity is rising and we are executing a market penetration strategy that will help us gain additional market share going forward. In addition, our servicing portfolio now has an average coupon rate of about 8.8 percent, making it a very valuable asset for years to come."
Countrywide's adjustable-rate loan production totaled $529 million in June and represented 21 percent of total originations. The company's June home purchase loan fundings rose 21 percent over May's figure and were 94 percent higher than January's level. Countrywide's refinances represented 65 percent of total fundings compared to 41 percent in June 1991.
Countrywide Credit Industries Inc. originates, purchases, sells and services loans for single-family homes. Countrywide was founded in 1969 and employs more than 2,300 people at its Pasadena and Simi Valley, Calif., locations and its retail and wholesale branches across the country.
COUNTRYWIDE FUNDING CORP. OPERATING STATISTICS(A)
June 1992(B) June 1991 Fiscal YTD
Avg. daily loan applications
($ millions) $160 $51 $154
Loan production (fundings)
($ millions) $2483 $763 $8994
Mass loan purchases
($ millions)(C) $86 $44 $366
($ millions) $36,052 $17,877 ---
Servicing portfolio (units) 340,324 209,200 ---
($ millions) $4,412 $1,233 ---
($ millions) $630 $224 $1283
(30 days and over) 3.20 4.10 ---
(foreclosure percent) 0.45 0.34 ---
Working days 22 20 86
(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) Month No. 1 of second quarter of fiscal year ending Feb. 28, 1993
(C) Amount is included in "loan production (fundings)" figure.
/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: JL-EH -- LA007 -- 6012 07/02/92 08:03 EDT