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COUNTRYWIDE ORIGINATES RECORD $3.4 BILLION IN HOME LOANS; SERVICING PORTFOLIO TOPS $45 BILLION

 COUNTRYWIDE ORIGINATES RECORD $3.4 BILLION IN HOME LOANS;
 SERVICING PORTFOLIO TOPS $45 BILLION
 PASADENA, Calif., Nov. 4 /PRNewswire/ -- Countrywide Credit Industries Inc. (NYSE: CCR), the nation's leading mortgage lender, announced that the company funded a record $3.4 billion in October 1992, nearly tripling the $1.2 billion produced in October 1991. The company's servicing portfolio rose to $45.3 billion vs. $21.9 billion in October 1991.
 The company's pipeline of loans-in-process increased to an all- time record high of $6.4 billion as of Oct. 31, 1992, compared to $6.2 billion at Sept. 30, 1992, and $2.1 billion at Oct. 31, 1991.
 "Countrywide continues to realize strong performance from all production divisions," said Jerry Baker, managing director, production and support divisions. "Application volumes remained strong despite a small rise in mortgage rates, and our loan fundings continue to set new records. With the average coupon dropping to 8.3 percent, Countrywide's $45.3 billion servicing portfolio is an increasingly valuable source of future income."
 Countrywide's adjustable-rate loan production totalled $1.0 billion in October 1992 and represented 30 percent of total originations. Refinances represented 79 percent of total fundings, compared to 58 percent in October 1991. The home purchase loan fundings in October 1992 were slightly higher than the previous month's level and 63 percent above the January 1992 levels. On Oct. 31, 1992, Countrywide's servicing portfolio had a weighted average coupon of 8.3 percent, compared to 9.6 percent at the end of October 1991.
 Countrywide Credit Industries Inc. originates, purchases, sells and services loans for single-family homes. Countrywide was founded in 1969 and employs more than 2,800 people at its Pasadena and Simi Valley, Calif., locations and its retail and wholesale branches across the country.
 COUNTRYWIDE FUNDING CORP.
 Operating Statistics(a)
 October October Fiscal
 1992(b) 1991 1993 YTD
 Average daily loan
 applications ($ millions) $219 $92 $186
 Loan production (fundings)
 ($ millions) $3,389 $1,168 $20,983
 Mass loan purchases
 ($ millions)(c) $196 $46 $968
 Servicing portfolio
 ($ millions) $45,267 $21,949 ---
 Servicing portfolio (units) 403,288 238,977 ---
 Pipeline (loans-in-process)
 ($ millions) $6,397 $2,145 ---
 Servicing acquisitions
 ($ millions) $0 $359 $1,877
 Servicing portfolio delinquency
 percent (30 days & over) 2.94 pct 3.72 pct ---
 Servicing portfolio
 foreclosure percent .39 pct .41 pct ---
 Working days 22 23 172
 (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. 2 of third quarter of fiscal year ending Feb. 28, 1993.
 (c) Amount is included in "Loan production (fundings)" figure.
 -0- 11/4/92 R
 /CONTACT: Karel Carnohan, 818-304-7523, or Laura Lippman, 818-304-4422, both of Countrywide/
 (CCR) CO: Countrywide Credit Industries Inc. ST: California IN: FIN SU:


JL-LS -- LA009 -- 2312 11/04/92 08:45 EST
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Date:Nov 4, 1992
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