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NO SLOW DOWN IN RESIDENTIAL MORTGAGE ACTIVITY FOR COUNTRYWIDE; APRIL VOLUME BREAKS $2 BILLION SECOND MONTH IN A ROW

 NO SLOW DOWN IN RESIDENTIAL MORTGAGE ACTIVITY FOR COUNTRYWIDE;
 APRIL VOLUME BREAKS $2 BILLION SECOND MONTH IN A ROW
 PASADENA, Calif., May 5 /PRNewswire/ -- Countrywide Credit Industries Inc. (NYSE: CCR), the nation's largest independent mortgage banker, announced that the company funded $2.2 billion in April 1992, up from $2.1 billion in March 1992 and $575 million in April 1991. The company's servicing portfolio continued to grow and rose to $31.6 billion vs. $16.5 billion in April 1991.
 Signaling continued funding strength, the company's pipeline of loans-in-process grew to $4.7 billion at April 30, 1992, compared to $4.6 billion at March 31, 1992, and $1.2 billion at April 30, 1991.
 "Our business strategy is clearly paying off," said David S. Loeb, chairman. "Countrywide increased its volumes in March and April, unlike many of its competitors. April marks the second consecutive month we've funded over $2 billion. We are gaining market share by executing a well-planned strategy of disciplined growth in our four origination divisions, supported by steady growth of our servicing portfolio. This combination of origination capabilities and loan servicing is a key to our earnings growth in the future. By maintaining a steady effort to increase our share of the nation's residential home-lending market and by building a valuable fee-producing loan-servicing portfolio, Countrywide should deliver excellent results even in the face of changing interest rates."
 Countrywide's adjustable-rate loan production totaled $676 million in April and represented 31 percent of total originations. The company stated that the nation's residential real estate market continued to show signs of improvement as evidenced by Countrywide's April home purchase loan fundings which rose 19 percent over March's figure, and 40 percent higher than January's level. Countrywide's refinance applications remained strong during April.
 Countrywide Credit Industries Inc. originates, purchases, sells and services loans for single-family homes. Countrywide was founded in 1969 and employs more than 2,000 people at its Pasadena headquarters and its retail and wholesale branches across the country.
 COUNTRYWIDE FUNDING CORP.
 Operating Statistics(a)
 April April Fiscal
 1992(b) 1991 YTD
 Average daily loan applications
 ($ millions) $150 $48 $149
 Loan production (fundings)
 ($ millions) $2,160 $575 $4,289
 Mass loan purchases
 ($ millions)(c) $97 $30 $210
 Servicing portfolio ($ millions) $31,638 $16,455 ---
 Servicing portfolio (units) 307,924 196,761 ---
 Pipeline (loans-in-process)
 ($ millions) $4,669 $1,160 ---
 Servicing acquisitions
 ($ millions) $122 $94 $582
 Servicing portfolio delinquency
 percent (30 days & over) 3.32 pct 3.90 pct ---
 Servicing portfolio foreclosure
 percent 0.47 pct 0.38 pct ---
 Working days 22 22 44
 (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 first quarter of fiscal year ending Feb. 28, 1993
 (c) Amount is included in "Loan production (fundings)" figure.
 -0- 5/5/92
 /CONTACT: Karel Carnohan, 818-304-7523, or Laura Lippman, 818-304-4422, both of Countrywide/
 (CCR) CO: Countrywide Credit Industries Inc.; Countrywide Funding Corp. ST: California IN: FIN SU:


EH-JL -- LA019 -- 6357 05/05/92 08:06 EDT
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Publication:PR Newswire
Date:May 5, 1992
Words:580
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