Countrywide Passes $1.2 Trillion Mark
Countrywide Financial Corp.'s mortgage servicing portfolio totaled $1.2 trillion at the end of August, the company said in a monthly operational report.
That was an increase of 20%, or by $208 billion, from one year earlier, Countrywide said. Countrywide serviced nearly 7.9 million home loans in August. The company said its portfolio had a delinquency rate of 4.15%, up from 3.68% a year earlier.
The company also continued to report strong loan origination volume. Countrywide's loan fundings totaled $40 billion in August, 24% higher than in August of 2005. But despite the strong August volume, year-to-date funding volume remains shy of Countrywide's 2005 numbers. In the first eight months of the year, Countrywide produced $296 billion of loans, a drop of 4% from the volume posted in the same period last year.
Home purchase loans accounted for $138 billion of the year-to-date total, down from $148 billion in home purchase lending during the same period last year.
Countrywide said its "pay option" loan volume also declined. In the first eight months of 2006, Countrywide produced $49.7 billion, down from $60.2 billion in the same period last year.
Countrywide said its bank subsidiary had $87 billion of assets at the end of August, up 20% from one year earlier.
Snapshot: Countrywide's Servicing Portfolio
Aug. 2006 $1.2 Trillion
Aug. 2005 $1.0 Trillion
SOURCE: Countrywide Financial Corporation (c) 2006 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com http://www.sourcemedia.com