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COUNTRYWIDE ORIGINATES $3.2 BILLION IN HOME LOANS; SERVICING PORTFOLIO RISES TO $49.8 BILLION

 PASADENA, Calif., Jan. 6 /PRNewswire/ -- Countrywide Credit Industries Inc. (NYSE: CCR), the nation's largest mortgage lender, announced that the company funded $3.2 billion in December 1992, more than doubling the $1.4 billion produced in December 1991. The company's single-family mortgage servicing portfolio rose to $49.8 billion at Dec. 31, 1992, vs. $24.3 billion at Dec. 31, 1991.
 The company's pipeline of loans-in-process totaled $4.7 billion as of Dec. 31, 1992, compared to $5.7 billion at Nov. 30, 1992, and $2.7 billion at Dec. 31, 1991.
 "Countrywide's loan production remained strong in December despite a typical seasonal slowdown and unfavorable weather conditions in many parts of the country," said Jerry Baker, managing director, production and support divisions. "We are encouraged by a strong pickup in home purchase activity in many areas, including California. At the same time, mortgage rates have remained low and refinancings continue at a fairly strong pace."
 Countrywide's adjustable-rate loan production totaled $884 million in December 1992 and represented 28 percent of total originations. Refinances represented 73 percent of total fundings compared to 68 percent in December 1991. The home purchase loan fundings in December 1992 were 21 percent higher than the previous month's level and 90 percent above the January 1992 levels. On Dec. 31, 1992, Countrywide's single-family mortgage servicing portfolio had a weighted average coupon of 8.1 percent compared to 9.4 percent at the end of December 1991.
 Countrywide Credit Industries Inc. originates, purchases, sells and services loans for single-family homes. Countrywide was founded in 1969 and employs more than 3,100 people at its Pasadena and Simi Valley, Calif., locations and its branches across the country.
 COUNTRYWIDE FUNDING CORP.
 Operating Statistics(a)
 December 1992(b) December 1991 Fiscal 1993 YTD
 Avg. daily loan
 applications
 ($ millions) $164 $109 $185
 Loan production
 (fundings)
 ($ millions) $3,167 $1,370 $27,266
 Mass loan purchases
 ($ millions) (c) $143 $71 $1,248
 Servicing portfolio
 ($ millions) $49,788 $24,297 ---
 Servicing portfolio
 (units) 436,715 254,720 ---
 Pipeline (loans-in-
 process)
 ($ millions) $4,675 $2,718 ---
 Servicing acquisitions
 ($ millions) $0 $383 $1,877
 Servicing portfolio
 delinquency percent
 (30 days and over) 3.21 pct 4.31 pct ---
 Servicing portfolio
 foreclosure percent .39 pct .40 pct ---
 Working days 22 21 214
 (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 fourth quarter of fiscal year ending Feb. 28, 1993.
 (c) Amount is included in "Loan production (fundings)" figure.
 -0- 1/6/93
 /CONTACT: Karel Carnohan, 818-304-7523, or Catherine Zimring, 818-304-3843, both of Countrywide Credit Industries/
 (CCR)


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

KJ-JB -- LA010 -- 2033 01/06/93 08:00 EST
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Date:Jan 6, 1993
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