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COUNTRYWIDE ORIGINATES RECORD $2.8 BILLION IN HOME LOANS; SERVICING PORTFOLIO TOPS $40 BILLION

 COUNTRYWIDE ORIGINATES RECORD $2.8 BILLION IN HOME LOANS;
 SERVICING PORTFOLIO TOPS $40 BILLION
 PASADENA, Calif., Sept. 3 /PRNewswire/ -- Countrywide Credit Industries Inc. (NYSE: CCR), the nation's leading mortgage lender, announced that the company funded a record $2.8 billion in August 1992, more than tripling the $866 million produced in August 1991. The company's servicing portfolio rose to $40.7 billion vs. $19.5 billion in August 1991.
 The company's pipeline of loans-in-process increased to an all- time record high of $6.0 billion as of Aug. 31, 1992, compared to $5.3 billion at July 31, 1992 and $1.5 billion at Aug. 31, 1991.
 "Countrywide has built a strong national origination network which uses technology to efficiently handle our growing monthly volumes," said Jerry Baker, managing director, production and support divisions. "We continue to achieve solid performance from all production divisions and have significantly added to our servicing portfolio during August. Lower mortgage rates stimulated an already robust refinance market."
 Countrywide's adjustable-rate loan production totaled $786 million in August 1992 and represented 28 percent of total originations. Refinances represented 72 percent of total fundings compared to 43 percent in August 1991. The home purchase loan fundings in August 1992 dropped 10 percent from the previous month's level, but remained 77 percent higher than January 1992 levels. At Aug. 31, 1992, Countrywide's servicing portfolio had an average coupon of 8.6 percent compared to 9.7 percent at the end of August 1991.
 Countrywide Credit Industries Inc. originates, purchases, sells and services loans for single-family homes. Countrywide was founded in 1969 and employs more than 2,500 people at its Pasadena and Simi Valley, Calif., locations and its retail and wholesale branches across the country.
 COUNTRYWIDE FUNDING CORP.
 Operating Statistics(a)
 August 1992(b) August 1991 Fiscal 1993 YTD
 Avg. daily loan
 applications
 ($ millions) $222 $69 $175
 Loan production
 (fundings)
 ($ millions) $2,816 $866 $14,413
 Mass loan purchases
 ($ millions)(c) $130 $28 $595
 Servicing portfolio
 ($ millions) $40,659 $19,539 ---
 Servicing portfolio
 (units) 371,617 221,114 ---
 Pipeline (loans-in-
 process) ($ millions) $5,953 $1,547 ---
 Servicing acquisitions
 ($ millions) $256 $160 $1,731
 Servicing portfolio
 delinquency percent
 (30 days & over) 3.06 pct. 3.75 pct. ---
 Servicing portfolio
 foreclosure percent 0.43 pct. 0.36 pct. ---
 Working days 21 22 129
 (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. 3 of second quarter of fiscal year ending Feb. 28, 1992.
 (c) Amount is included in "Loan production (fundings)" figure.
 -0- 9/3/92
 /CONTACT: Karel Carnohan, 818-304-7523, or Laura Lippman, 818-304-4422, both of Countrywide Credit Industries/
 (CCR) CO: Countrywide Credit Industries Inc.; Countrywide Funding Corp. ST: California IN: FIN SU:


KJ-LS -- LA011 -- 6224 09/03/92 08:03 EDT
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Date:Sep 3, 1992
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