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

Change 20%

SOURCE: Countrywide Financial Corporation (c) 2006 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com http://www.sourcemedia.com

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