CFC continues to crank out junk subprime, ARM and HELOCs loan activity:
Press Release Source: Countrywide Financial Corporation
Countrywide Reports June 2004 Operational Data
Friday July 9, 8:01 am ET
- Second Quarter Production Reaches $100 Billion -
- Record Funding Levels for Purchase, Adjustable-Rate and Home Equity Loans -
- Servicing Portfolio Hits $726 Billion -
CALABASAS, Calif., July 9 /PRNewswire-FirstCall/ -- Countrywide Financial Corporation (NYSE: CFC - News), a diversified financial services provider, released operational data for the month ended June 30, 2004. Highlights included the following:
* Loan fundings of $32 billion were essentially flat compared to last
month and down 34 percent from June 2003. Production volume for the
second quarter reached $100 billion, a decrease of 23 percent from the
second quarter of 2003, but an increase of 31 percent over the first
quarter of 2004. Total production volume for the first half of 2004
was $176 billion.
* Monthly purchase activity increased 20 percent over May 2004 to a
record $17 billion, and was 33 percent more than June 2003 and
accounted for 55 percent of total fundings. Second quarter purchase
volume of $46 billion rose 40 percent over the second quarter of 2003.
Year-to-date purchase activity was $78 billion, nearing the
$86 billion in purchase volume produced in all of 2002.
* Demand for adjustable-rate, home equity and subprime loans remained
strong. For each category, new highs in monthly funding levels were
achieved.
-- Adjustable-rate fundings rose 134 percent over June 2003 to
$17 billion, and accounted for 54 percent of monthly funding
volume. Second quarter volume of $49 billion was 138 percent
greater than the adjustable-rate volume produced during the prior
year's comparable quarter. Year-to-date volume of $82 billion is
more than double the $36 billion in adjustable-rate volume
produced in all of calendar 2002
-- Home equity fundings reached $3 billion for the month of
June 2004, an increase of 79 percent over the same month last
year, driving second quarter volume to $7 billion. Year-to-date
volume reached $13 billion.
-- Subprime volume of $4 billion in the month was 160 percent more
than June 2003. Second quarter subprime production reached
$10 billion, and year-to-date volume climbed to $16 billion..
* With the 10-year U.S. Treasury yield up more than 100 basis points
from June 2003, average daily application volume of $1.9 billion in
June 2004 fell 41 percent over the prior year; however it was down
only 2 percent over May 2004. This kept the pipeline of applications-
in-process at $47 billion, a decline of 5 percent from the prior month
and 43 percent lower than last year's record high of $82 billion.
* The servicing portfolio continued to grow, rising by 30 percent or
$167 billion over June 2003 to reach $726 billion, which represents
more than 5.5 million customers.
* Securities trading volume of $315 billion at Countrywide Securities
Corporation increased by 7 percent over last year. Trading volume for
the second quarter grew to $882 billion, an increase of 9 percent over
the second quarter of 2003. Year-to-date trading volume reached
$1.6 trillion, rising 8 percent over the first half of 2003.
* Total assets at Countrywide Bank grew to $27 billion, up 107 percent
over June 2003.
* Net earned premiums at Balboa rose to $64 million for the month, up
10 percent from June 2003, bringing second quarter volume to
$188 million and year-to-date activity to $383 million.
* Sub-servicing volume at Global Home Loans totaled $110 billion, up 13
percent over June 2003. |
