$32 billion March production up 39% from prior month
By MortgageDaily.com staff
4/12/2004

Monthly mortgage fundings increased by 39% for Countrywide Financial Corporation.

The Calabasas, Calif.-based lender's collective loan fundings reportedly reached $32.3 billion in March, up from $23.3 billion the previous month. Volume was stronger a year ago at $37.9 billion.

"Overall, strong operational results for March and the first quarter reflect the positive momentum of our mortgage banking and diversified businesses," said chief operating officer Stanford Kurland.

Other companies to report a jump in recent production include First Franklin, ABN AMRO and New Century -- which recently announced its intention to convert to a REIT.

First quarter fundings of $76 billion were virtually unchanged from the prior quarter, Countrywide said.

The latest monthly volume was comprised of $9.5 billion in direct lending fundings, $7.0 billion in wholesale fundings and $12.0 billion in correspondent production, according to the report. The rest came from Capital Markets and Treasury Bank fundings.

"Production highlights included strong purchase funding activity and continued growth in adjustable-rate, home equity and subprime fundings," said chief operating officer Stanford Kurland.

March purchase fundings were $13.1 billion, Countrywide said, while non-purchase fundings were $19.2 billion.

Adjustable-rate mortgages totaled $13.9 billion, home equity loans surpassed $2 billion for the first time and subprime loans were $2.8 billion -- each reaching monthly record highs by respectively increasing 35%, 28%, and 30% over February, Countrywide said.

The lender reported its servicing portfolio rose to $683 billion. March delinquency was 3.20% -- down from 3.71% in February -- while foreclosures pending fell two basis points to 0.42%.

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