Countrywide loan funding declines 48 percent in October

Source: Construction Digital

Date :13/11/2007 10:01:26

Countrywide Financial Corp, the largest U.S. mortgage lender, said Monday its mortgage loan fundings dived 48 percent fewer in October as the company cut down on its subprime lending operations.

The California-based lender said total loan fundings in October were down “substantially“, totaling $22 billion for the month but rose four percent from September.

Average daily mortgage loan application activity for the month was $1.8 billion, a 34 percent year-over-year decrease.

Market consequences

The mortgage loan-servicing portfolio continued to grow, reaching $1.47 trillion at the end of the month, up 16 percent from the year earlier. Banking operations' assets rose to $106 billion from $83 billion.

"October's operating results continue to be indicative of current market trends," David Sambol, President and Chief Operating Officer said.

"Countrywide continues to work diligently toward mitigating the consequences our borrowers are facing as a result of the current market conditions," he added.

November 13, 2007