Amigos and All weekend scans turn up Countrywide Credit Industries, Inc. (CCR) there in the residential mortgage business and with the strength showing in the home building sector the buyers of these homes will need money to purchase them?
Institutions own 80.42%
5 - Strong Buys
4 - Moderate Buys
1 - Hold
Zacks rating 14/26 24/211
Return on Equity 15.97
P/E 14
Alot of short interest?
Wednesday March 4, 8:01 am Eastern Time
Company Press Release
SOURCE: Countrywide Credit Industries, Inc.
Countrywide Reports February Operations Data
CALABASAS, Calif., March 4 /PRNewswire/ -- Countrywide Credit Industries, Inc. (NYSE:
CCR - news), the nation's largest independent residential mortgage lender and servicer, announced
today that the company funded $6.2 billion of mortgage loans in February 1998 and the pipeline of
loans in process totaled $12.6 billion at February 28, 1998.
''Countrywide's production performance in February was highlighted by fundings of $6.2 billion, an
all-time company record,'' said Angelo R. Mozilo, vice chairman. ''The old mark established in
December 1993 was eclipsed by 24 percent. Fundings for the fourth fiscal quarter amounted to
$16.1 billion which is also a record. The pipeline grew to $12.6 billion, breaking the all- time mark
set last month, fueled by applications which remained near record levels.
''Countrywide's servicing portfolio maintained its trend of steady growth and approached $183
billion in February,'' Mozilo continued. ''The annualized prepayment rate for the month was 26
percent which was in line with our expectations. The servicing hedge is designed to offset the
short-term impact of impairment resulting from lower rates. The hedge has a seven year track
record of smoothing the net amortization rate of the servicing asset.
''The longer term issue of replenishing servicing revenue lost because of prepayments is addressed
by the macro-hedge. In a low rate environment, the macro-hedge is designed to perpetuate
portfolio growth by increasing fundings to offset rising runoff. In the fourth fiscal quarter, fundings
exceeded prepayments by $7.4 billion. This compares favorably with the third quarter when
fundings were $6.1 billion higher than prepayments. The declining rate scenario over these two
quarters resulted in accelerated portfolio growth despite rising runoff.''
Countrywide's fixed-rate loan production amounted to $5.6 billion, or 90 percent of total
production, in February 1998 and $1.9 billion, or 70 percent of total production, in February 1997.
Purchase mortgage activity was $2.3 billion in February 1998 and $1.7 billion in February 1997.
Refinances represented 63 percent of total fundings in February 1998 and 38 percent in February
1997.
The company funded $169 million of home equity loans in February 1998 and $71 million in
February 1997. Sub-prime loan funding activity was $148 million in February 1998 and $80 million
in February 1997.
The company's servicing portfolio increased to $183 billion at February 28, 1998, 15 percent
higher than the $159 billion portfolio at February 28, 1997. The portfolio had a weighted average
coupon of 7.8 percent at the end of both February 1998 and 1997.
Founded in 1969, Countrywide Credit Industries, Inc. originates, purchases, sells and services loans
for single-family homes through its primary subsidiary, Countrywide Home Loans, Inc. The
company is headquartered in Calabasas, California and has nearly 8,000 employees with over 400
offices across the nation.
COUNTRYWIDE HOME LOANS, INC.
OPERATING STATISTICS (a)
February February Fiscal
1998(b) 1997 YTD
Average daily loan
applications ($ millions) $500 $223 $306
Loan production
(fundings) ($ millions) $6,246 $2,697 $48,772
Pipeline (loans in process)
($ millions) $12,622 $4,677 --
Servicing portfolio
($ millions) $182,865 $158,557 --
Servicing portfolio (units) 1,749,292 1,489,413 --
Servicing portfolio
prepayments in full
($ millions) $3,842 $980 $24,326
Bulk servicing acquisitions
($ millions) $74 $36 $1,010
Servicing portfolio
delinquency (%)(c) 3.91% 3.44% --
Servicing portfolio
foreclosure (%)(c) 0.45% 0.71% --
Working days 19 19 253
(a) Countrywide Home Loans, Inc. is the primary subsidiary of Countrywide Credit Industries, Inc.
(the ''Company'') and is engaged in mortgage banking. The above data reflect current operating
statistics and do not constitute all factors impacting the quarterly and annual financial results of the
Company. All figures are unaudited and monthly figures may be adjusted in the reported financial
statements of the Company. Such financial statements are provided by the Company quarterly. The
Company makes no commitment to update this information for changes in circumstances or events
which occur subsequent to the date of this release.
(b) Twelfth month of fiscal year ending February 28, 1998.
(c) Based on number of loans excluding subserviced loans.
SOURCE: Countrywide Credit Industries, Inc.
Joe |
