CALABASAS, Calif., Feb. 15 /PRNewswire-FirstCall/ -- Countrywide
Financial Corporation (NYSE:CFC) released operational data for the
month ended January 31, 2008. A summary of the Company's key
operating statistics is included below: -- Average daily mortgage
loan application activity for January 2008 was $2.6 billion, which
compares to $1.5 billion for December 2007. The mortgage loan
pipeline was $51 billion at January 31, 2008, as compared to $35
billion for December 2007. -- Mortgage loan fundings for the month
of January 2008 were $22 billion, down six percent from December
2007. -- The mortgage loan servicing portfolio increased modestly
to $1.48 trillion at January 31, 2008, up $3.6 billion from
December 31, 2007 and $163 billion from January 31, 2007. --
Banking Operations' assets were $111 billion at January 31, 2008,
which compares to $113 billion at December 31, 2007 and $83 billion
at January 31, 2007. -- Securities trading volume in the Capital
Markets segment was $336 billion for January 2008 as compared to
$315 billion for December 2007 and $313 billion for January 2007.
-- Net earned premiums from the Insurance segment were $163 million
in January 2008, which compares to $164 million for December 2007
and $112 million for January 2007. About Countrywide Founded in
1969, Countrywide Financial Corporation is a diversified financial
services provider and a member of the S&P 500, Forbes 2000 and
Fortune 500. Through its family of companies, Countrywide
originates, purchases, securitizes, sells, and services residential
and commercial loans; provides loan closing services such as credit
reports, appraisals and flood determinations; offers banking
services which include depository and home loan products; conducts
fixed income securities underwriting and trading activities;
provides property, life and casualty insurance; and manages a
captive mortgage reinsurance company. For more information about
the Company, visit Countrywide's website at
http://www.countrywide.com/. This Press Release contains
forward-looking statements within the meaning of Section 21E of the
Securities Exchange Act of 1934, as amended, regarding management's
beliefs, estimates, projections, and assumptions with respect to,
among other things, the Company's future operations, financial
results, business plans and strategies, as well as industry and
market conditions, all of which are subject to change. Actual
results and operations for any future period may vary materially
from those projected herein and from past results discussed herein.
Factors which could cause actual results to differ materially from
historical results or those anticipated include, but are not
limited to: lack of or further reduced access to corporate debt
markets or other sources of liquidity; additional disruptions in
the secondary mortgage market; increased credit losses due to
downward trends in the economy and in the real estate market,
including as a result of continued increases in the delinquency
rates of borrowers and slower or negative home price appreciation;
adverse changes in the Company's credit ratings, including any
downgrade that causes the Company to lose its investment grade
credit rating; continued increases in credit exposure resulting
from the Company's decision to retain more loans in its portfolio
of loans held for investment; competitive conditions in each of the
Company's business segments; unexpected changes in general
business, economic, market and political conditions in the United
States; reduction in government support of homeownership; the level
and volatility of interest rates; changes in interest rate paths;
changes in generally accepted accounting principles or in the
legal, regulatory and legislative environments in which Countrywide
operates; the judgments and assumptions made by management
regarding accounting estimates and related matters; the ability of
management to effectively implement the Company's strategies;
unforeseen cash or capital requirements; and other risks noted in
documents filed by the Company with the Securities and Exchange
Commission from time to time. Words like "believe," "expect,"
"anticipate," "promise," "plan," and other expressions or words of
similar meanings, as well as future or conditional verbs such as
"will," "would," "should," "could," or "may" are generally intended
to identify forward-looking statements. The Company undertakes no
obligation to publicly update or revise any forward looking
statements or any other information contained herein, and the
statements made in this press release are current as of the date of
this release only. (Tables follow) COUNTRYWIDE FINANCIAL
CORPORATION AND SUBSIDIARIES OPERATING STATISTICS(1) (Dollars in
Millions) Month Ended January 31, 2008 2007 LOAN PRODUCTION Number
of Working Days in the Period 21 21 Average Daily Mortgage Loan
Applications $2,639 $2,820 Mortgage Loan Pipeline (loans-in-
process) $51,038 $58,697 Commercial Real Estate Loan Pipeline
(loans-in-process) $254 $1,954 Loan Fundings: Retail Lending $9,396
$12,647 Wholesale Lending 2,542 7,155 Correspondent Lending 9,890
16,261 Capital Markets Purchases 3 309 Banking Operations Purchases
54 741 Total Mortgage Loan Fundings 21,885 37,113 Commercial Real
Estate Lending 50 654 Total Loan Fundings $21,935 $37,767 Total
Bank Loan Fundings (2) $21,090 $15,520 Loan Fundings in Units:
Retail Lending 46,798 70,212 Wholesale Lending 11,674 34,318
Correspondent Lending 47,301 80,195 Capital Markets Purchases 4 951
Banking Operations Purchases 55 9,395 Total Mortgage Loan Fundings
105,832 195,071 Commercial Real Estate Lending 11 60 Total Loan
Fundings 105,843 195,131 Total Bank Loan Fundings (2) 104,008
91,176 Mortgage Loan Fundings (3): Purchase $6,831 $13,268
Non-purchase 15,054 23,845 Total Mortgage Loan Fundings $21,885
$37,113 Mortgage Loan Fundings by Product: Government Fundings
$2,559 $1,100 ARM Fundings $2,832 $13,748 Home Equity Fundings $872
$3,586 Nonprime Fundings $- $2,939 MORTGAGE LOAN SERVICING (4)
Volume $1,479,852 $1,316,579 Units 9,022,399 8,277,857 Subservicing
Volume (5) $24,212 $17,244 Subservicing Units 210,814 174,330
Prepayments in Full $12,459 $19,126 Bulk Servicing Acquisitions $27
$1,103 Servicing Portfolio Performance - CHL (6) Delinquency as a
percentage of: unpaid principal balance 7.47% 4.32% number of loans
serviced 7.09% 4.71% Foreclosures Pending as a percentage of:
unpaid principal balance 1.48% 0.77% number of loans serviced 1.05%
0.69% LOAN CLOSING SERVICES (units) Credit Reports 852,405 897,918
Flood Determinations 2,639 310,340 Appraisals 156,031 108,450
Automated Property Valuation Services 1,296,345 539,439 Other
34,211 25,756 Total Units 2,341,631 1,881,903 CAPITAL MARKETS
Securities Trading Volume (7) $335,624 $312,666 BANKING Banking
Operations Assets (in billions) $111 $83 INSURANCE Net Premiums
Earned: Carrier $133.2 $90.7 Reinsurance 30.1 20.8 Total Net
Premiums Earned $163.3 $111.5 Period-end Rates 10-Year U.S.
Treasury Yield 3.67% 4.83% FNMA 30-Year Fixed Rate MBS Coupon 5.05%
5.91% (1) This data reflects 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. (2) These loans are
processed by the Company's Mortgage Banking production divisions
and Countrywide Commercial Real Estate Finance, Inc. or purchased
from non-affiliates and are included in "Total Loan Fundings"
above. The amounts include loans funded for both investment and for
sale. The Company will report the amount of such loans subsequently
sold on a quarterly basis. (3) Purchase fundings include first
trust deed and home equity loans used as purchase money debt in the
acquisition of a home. Non-purchase fundings include first trust
deed refinance loans, home equity refinance loans, and stand-alone
home equity loans. (4) Includes loans held for sale, loans held for
investment, and loans serviced for others, including those under
subservicing agreements. (5) Subservicing volume for
non-Countrywide entities. (6) Excluding subserviced loans and
portfolios purchased at a discount due to their non-performing
status. Delinquencies as a percentage of unpaid principal balance
and numbers of loans serviced exclude loans in foreclosure. (7)
Includes trades with Mortgage Banking Segment. DATASOURCE:
Countrywide Financial Corporation CONTACT: Investors, David Bigelow
or Lisa Riordan, +1-818-225-3550, or Media, 1-800-796-8448, all of
Countrywide Financial Corporation Web site:
http://www.countrywide.com/
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