Countrywide Financial May 2007 Mortgage Loan Fundings Grow 15%
6/12/2007 10:46:13 AM Tuesday morning, Countrywide Financial Corporation (CFC), a provider of diversified financial services, said Mortgage loan funding for May 2007 grew 15% to $44 billion, compared to the same period last year.
The Calabasas, California-based company said on a consolidated basis it funded $2.3 billion in pay-option loans during the month as compared to $6.6 billion in May 2006. Year-to-date funding for pay-option loans totaled $15 billion, as compared to $35 billion for the same prior year period.
Average daily mortgage loan application activity for May 2007 was $3.1 billion, an increase of 17% from May 2006. The mortgage loan pipeline was $70 billion at May 31, 2007 as compared to $66 billion at May 31, 2006.
The company generated robust residential mortgage productions results for the month of May, said David Sambol, President and Chief Operating officer. The mortgage loan-servicing portfolio totaled $1.4 trillion at May 31, 2007; an increase of $214 billion, or18%, from May 31, 2006.
Banking Operations' assets rose to $87 billion at May 31, 2007 from $80 billion at May 31, 2006. Securities trading volume in the Capital Markets segment of $351 billion for May 2007 was 6% higher when compared to the same month last year. Net earned premiums from the Insurance segment totaled $118 million, up 30% from May 2006.
CFC is currently down $0.10 or 0.26% and trades at 37.74
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