Countrywide Financial Corp. today reported loan fundings of $30 billion for July, a decline of 7 percent from the previous month.
July’s funding total was a 43 percent decline from July 2003, which was the single largest funding month in the company’s history. Year-to-date funding volume reached $206 billion.
Monthly purchase activity rose slightly over last month’s record high, reaching $18 billion. Year-over-year, monthly purchase fundings rose 31 percent. Year-to-date purchase volume was $95 billion.
“July marked another month of solid operational performance for Countrywide,” said Stanford L. Kurland, president and chief operating officer.
The company also reported that demand for adjustable-rate, home equity and subprime loans remained strong:
- Adjustable-rate fundings of $17 billion were 98 percent greater than the same month last year and accounted for 57 percent of total loan volume. This brought year-to-date adjustable-rate volume to $99 billion, surpassing the $92 billion produced in calendar 2003.
- Home equity fundings reached a record $2.8 billion, rising 68 percent over July 2003, driving year-to-date volume to $15 billion.
- Subprime volume grew 119 percent over July 2003 to $3.8 billion. Year-to-date subprime volume of $20 billion surpassed the total subprime volume of 2003.
Average daily application volume grew by 5 percent over the previous month, reaching $2 billion. That was due to a greater level of home purchase activity, which fueled a 2 percent increase in the pipeline of applications-in-process to $48 billion. Because of lower refinance activity compared to July 2003, average daily application volume was down 21 percent and the pipeline of applications-in-process fell by 32 percent.
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