Home equity fundings strong
By MortgageDaily.com staff
4/9/2003

After falling last month, one of the nation's biggest conforming lenders saw subprime fundings increase in March to the highest level this year.

Subprime production at Countrywide Financial Corporation was $1.3 billion last month, the company reported. In February, subprime fell below $1 billion from $1.1 billion in January.

Countrywide said fundings of home equity loans reached nearly $1.3 billion compared to $1.1 billion the prior month.

The mortgage giant reported that total mortgage production, including conforming and subprime, reached $38 billion in March.

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