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Countrywide Mortgage Volume Continues to Grow

Posted at July 17th, 2007 6:57 am by Richard Barber
Filed under: Mortgage Lending

While other lenders across the country consolidate or go out of business, there has been no such activity when it comes to Countrywide home loans.

The company reported an increase in mortgage loan fundings and commercial real estate funding for the month of June, the company said Monday.

Home Mortgage LoansMortgage loan fundings totaled $45 billion in the month of June, up about 4 percent from the year-ago period. Average daily home mortgage application activity for June was $3.1 billion, up 15 percent from a year ago.

The firm reported that commercial real estate funding for the month of June was $814 million, up 75 percent from June 2006.

Countrywide said its home loan servicing portfolio reached $1.4 trillion at the end of June, refecting an 18 percent increase from June 30, 2006.

“Market conditions became increasingly challenging throughout the second quarter of 2007,” said David Sambol, Countrywide’s COO.

“The housing market continues to soften, and delinquencies and defaults continue to rise.”

The official figures from the nation’s biggest mortgage lender …

  • Mortgage loan fundings for the month of June totaled $45 billion, an increase of 4 percent from June 2006.
  • Commercial real estate funding volume for the month of June was $814 million, up 75 percent from June 2006.
  • Average daily home mortgage loan application activity for June 2007 was $3.1 billion, up 15 percent from June 2006.
  • The mortgage pipeline was $69 billion at June 30, 2007 as compared to $65 billion at June 30, 2006.
  • The loan servicing portfolio continued to grow, reaching $1.4 trillion at June 30, 2007.
  • This is an increase of $219 billion, or 18 percent, from June 30, 2006. Banking Operations’ assets were $90 billion at June 30, 2007, which compares to $84 billion at June 30, 2006.
  • Securities trading volume in the Capital Markets segment of $450 billion for June 2007, 40 percent higher compared to the same month last year.
  • Net earned premiums from the Insurance segment were $125 million, up 23 percent from June 2006.
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