CALABASAS, CA – Countrywide Financial Corporation (NYSE: CFC), a diversified financial services provider, released operational data for the month ended January 31, 2005. Highlights included the following:
- Mortgage loan fundings totaled $28.2 billion for January 2005, a 37 percent increase over the prior year, however, a decrease of 19 percent from December 2004 due in part to 3 fewer business days. On an average daily basis, fundings fell by 6 percent from last month.
- Monthly purchase volume was $13 billion, an increase of 37 percent over January 2004, but a decline of 23 percent from December 2004.
- Adjustable-rate loan fundings totaled $15 billion for the month, an increase of 59 percent over January 2004, but a decline of 18 percent from December 2004.
- Monthly home equity loan fundings increased over January 2004 by 75 percent to reach $2.7 billion, but was a decline of 13 percent from the prior month.
- Subprime loan volume for January was $3.9 billion, an increase of 92 percent over January 2004, but fell by 11 percent from December 2004.
- Average daily mortgage application activity for the month of January rose by 6 percent over the previous month to reach $2.1 billion, and was 19 percent higher than the level at January 2004.
- The mortgage loan pipeline was $48 billion, up 25 percent from January 2004, and was essentially unchanged from December 2004′s level.
- The mortgage servicing portfolio rose to $867 billion, up $209 billion, or 32 percent, over January 2004.
- Monthly securities trading volume of $248 billion was 29 percent greater than January 2004′s level, but was down 5 percent from December 2004 due to fewer working days. On an average daily basis, securities trading volume actually rose by 10 percent over last month.
- Total assets at Countrywide Bank continued to climb, reaching $43 billion, an increase of 6 percent over last month and 113 percent more than January 2004.
- Monthly net earned premiums at Balboa of $69 million were flat compared to last month, and were 1 percent greater than January 2004.
- Subservicing volume at Global Home Loans was $116 billion, up 6 percent over January 2004.
“Countrywide began 2005 with solid operational performance across all business segments,” said Stanford L. Kurland, President and Chief Operating Officer. “Activity on an average daily basis compares well to the prior month’s performance, and in several areas exceeded those levels. The Fannie Mae 30-year fixed rate MBS coupon has fallen since the end of 2004, which resulted in increased mortgage application activity for the month of January. The mortgage servicing portfolio, which reached a new record level at $867 billion, has also been the beneficiary of continued high production levels, as well as increased bulk servicing acquisition opportunities. This included the addition of $8.5 billion this month as industry consolidation takes hold. Inside Mortgage Finance re-affirmed Countrywide as the #1 mortgage originator and servicer for 2004. Operational results for the month were rounded out by the diversified businesses, led by strong growth in assets at Countrywide Bank. Also of note, securities trading volume in Capital Markets increased on an average daily basis despite mortgage fundings being down. In addition, the Commercial Real Estate Group funded $247 million in loans.”
