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COUNTRYWIDE ORIGINATES $2.6 BILLION IN HOME LOANS; SERVICING PORTFOLIO RISES TO $38.3 BILLION

 COUNTRYWIDE ORIGINATES $2.6 BILLION IN HOME LOANS;
 SERVICING PORTFOLIO RISES TO $38.3 BILLION
 PASADENA, Calif., Aug. 3 /PRNewswire/ -- Countrywide Credit Industries, Inc. (NYSE: CCR), the nation's leading mortgage lender, announced that the company funded a record $2.6 billion in July 1992, more than tripling the $814 million produced in July 1991. The company's servicing portfolio rose to $38.3 billion versus $18.7 billion in July 1991.
 The company's pipeline of loans-in-process increased to an all-time record high of $5.3 billion as of July 31, 1992, compared to $4.4 billion at June 30, 1992, and $1.3 billion at July 31, 1991.
 "Lower mortgage rates have stimulated an already active refinance market and purchase activity has remained relatively steady during July," said David S. Loeb, chairman. "Our growing loan origination operation is generating valuable low-coupon servicing which forms a solid foundation for future earnings."
 Countrywide's adjustable-rate loan production totaled $670 million in July 1992 and represented 26 percent of total originations. Refinances represented 67 percent of total fundings compared to 41 percent in July 1991. The home purchase loan fundings in July 1992 were about level with the previous month's purchase loan originations and 96 percent above January 1992 levels. At July 31, 1992, Countrywide's servicing portfolio had an average coupon of 8.7 percent compared to 9.8 percent at the end of July 1991.
 Countrywide Credit Industries, Inc. originates, purchases, sells and services loans for single-family homes. Countrywide was founded in 1969 and employs more than 2,400 people at its Pasadena and Simi Valley, Calif., locations and its retail and wholesale branches across the country.
 COUNTRYWIDE FUNDING CORPORATION
 OPERATING STATISTICS(1)
 July 1992(2) July 1991 Fiscal YTD
 Avg. daily loan
 spplications ($ millions) $211 $54 $166
 Loan production
 (fundings) ($ millions) $2,603 $814 $11,597
 Mass loan purchases
 ($ millions)(3) $99 $46 $465
 Servicing portfolio
 ($ millions) $38,297 $18,721 ---
 Servicing portfolio (units) 355,512 215,269 ---
 Pipeline (loans-in-process)
 ($ millions) $5,317 $1,265 ---
 Servicing acquisitions
 ($ millions) $192 $250 $1,475
 Servicing portfolio
 delinquency (30 days & over) 2.82 pct 3.95 pct ---
 Servicing portfolio
 foreclosure 0.43 pct 0.34 pct ---
 Working days 22 22 108
 (1) Countrywide Funding Corporation 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.
 (2) Month No. 2 of second quarter of fiscal year ending Feb. 28, 1993.
 (3) Amount is included in "Loan production (fundings)" figure.
 -0- 8/3/92
 /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:


ML -- NYON3 -- 5960 08/03/92 07:56 EDT
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Date:Aug 3, 1992
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