CALABASAS, Calif., Jan. 9 /PRNewswire-FirstCall/ -- Countrywide
Financial Corporation (NYSE: CFC) released operational data for the month
ended December 31, 2007.
"Our fourth quarter ended with a number of positive operational
trends," said David Sambol, President and Chief Operating Officer. "Total
loan fundings were $24 billion for the month of December, up slightly from
November 2007 and ahead of our forecasts. This pushed our fourth quarter
fundings to $69 billion, also exceeding our expectations. Although average
daily mortgage loan applications and the pipeline of mortgage
loans-in-process decreased from November, this reflected a seasonal decline
typically seen this time of year.
"Our mortgage loan servicing portfolio is approaching $1.5 trillion,
representing approximately 9 million loans," Sambol continued. "Prepayment
speeds continued to decline throughout the quarter, which has enhanced the
economic value of our mortgage servicing rights asset.
"Banking Operations' assets were $113 billion at December 31, 2007,
with total deposits reaching $61 billion at the end of December. Retail
deposits alone increased $2.3 billion during the month and $7.7 billion for
the quarter to $33 billion. The Bank continued to make progress in opening
its Financial Centers during the month, with 194 in operation at year-end.
Our Insurance segment also produced solid operating results, with continued
growth and net premiums earned reaching a record $1.5 billion for 2007.
"Management is pleased with the progress we have made in positioning
the Company to navigate the current challenging environment," Sambol
concluded.
A summary of the Company's key operating statistics is included below:
-- Total loan fundings for the month of December 2007 were $24 billion,
up one percent from November 2007.
-- Average daily mortgage loan application activity for December 2007 was
$1.5 billion, which compares to $1.9 billion for November 2007. The
mortgage loan pipeline was $35 billion at December 31, 2007, as
compared to $43 billion for November 2007.
-- The mortgage loan servicing portfolio continued to grow, reaching
$1.48 trillion at December 31, 2007, up $5.4 billion from November 30,
2007 and $178 billion from December 31, 2006.
-- Banking Operations' assets were $113 billion at December 31, 2007,
which compares to $109 billion at November 30, 2007 and $83 billion at
December 31, 2006.
-- Securities trading volume in the Capital Markets segment was $315
billion for December 2007 as compared to $294 billion for November
2007 and $362 billion for December 2006.
-- Net earned premiums from the Insurance segment were $164 million in
December 2007, up 12 percent from November 2007 and up 55 percent from
December 2006.
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: increased cost of debt;
reduced access to corporate debt markets or other sources of liquidity;
unforeseen cash or capital requirements; a reduction in secondary mortgage
market investor demand; increased credit losses due to downward trends in
the economy and in the real estate market; increases in the delinquency
rates of borrowers; competitive and general economic conditions in each of
our business segments such as slower or negative home price appreciation;
changes in general business, economic, market and political conditions in
the United States and abroad from those expected; reduction in government
support of homeownership; the level and volatility of interest rates;
changes in interest rate paths; changes in debt ratings; 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; 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
December 31 December 31
2007 2006
LOAN PRODUCTION
Number of Working Days in the Period 20 20
Average Daily Mortgage Loan Applications $1,538 $2,735
Mortgage Loan Pipeline (loans-in-process) $35,061 $57,217
Commercial Real Estate Loan Pipeline
(loans-in-process) $481 $1,991
Loan Fundings (2):
Retail Lending $10,219 $13,949
Wholesale Lending 3,040 7,781
Correspondent Lending 9,895 18,370
Capital Markets Purchases 26 1,575
Banking Operations Purchases (2) 206 55
Total Mortgage Loan Fundings 23,386 41,730
Commercial Real Estate Lending 160 1,093
Total Loan Fundings $23,546 $42,823
Total Bank Loan Fundings (3) $21,792 $15,744
Loan Fundings in Units (2):
Retail Lending 53,231 78,754
Wholesale Lending 14,179 38,199
Correspondent Lending 47,447 89,483
Capital Markets Purchases 93 5,860
Banking Operations Purchases (2) 1,600 183
Total Mortgage Loan Fundings 116,550 212,479
Commercial Real Estate Lending 27 87
Total Loan Fundings 116,577 212,566
Total Bank Loan Fundings (3) 110,090 87,509
Mortgage Loan Fundings (2)(4):
Purchase $9,044 $17,147
Non-purchase 14,342 24,583
Total Mortgage Loan Fundings $23,386 $41,730
Mortgage Loan Fundings by Product (2):
Government Fundings $2,469 $1,240
ARM Fundings $3,688 $15,222
Home Equity Fundings $1,264 $3,271
Nonprime Fundings $6 $3,739
MORTGAGE LOAN SERVICING (5)
Volume $1,476,203 $1,298,394
Units 9,034,763 8,198,873
Subservicing Volume (6) $24,049 $18,275
Subservicing Units 210,385 179,293
Prepayments in Full $13,367 $21,315
Bulk Servicing Acquisitions $16 $6,589
Servicing Portfolio Performance - CHL (7)
Delinquency as a percentage of:
unpaid principal balance 7.20% 4.60%
number of loans serviced 6.96% 5.02%
Foreclosures Pending as a
percentage of:
unpaid principal balance 1.44% 0.70%
number of loans serviced 1.04% 0.65%
LOAN CLOSING SERVICES (units)
Credit Reports 568,001 675,767
Flood Determinations 168,926 260,263
Appraisals 129,309 109,116
Automated Property Valuation Services 1,104,064 447,833
Other 31,218 22,031
Total Units 2,001,518 1,515,010
CAPITAL MARKETS
Securities Trading Volume (8) $314,804 $361,725
BANKING
Banking Operations Assets (in billions) $113 $83
INSURANCE
Net Premiums Earned:
Carrier $135.2 $85.6
Reinsurance 29.1 20.3
Total Net Premiums Earned $164.3 $105.9
Period-end Rates
10-Year U.S. Treasury Yield 4.04% 4.71%
FNMA 30-Year Fixed Rate MBS Coupon 5.51% 5.79%
Year-to-Date
December 31 December 31
2007 2006
LOAN PRODUCTION
Number of Working Days in the Period 253 252
Average Daily Mortgage Loan Applications $2,508 $2,643
Mortgage Loan Pipeline (loans-in-process)
Commercial Real Estate Loan Pipeline
(loans-in-process)
Loan Fundings (2):
Retail Lending $145,303 $155,779
Wholesale Lending 70,231 95,537
Correspondent Lending 182,993 185,331
Capital Markets Purchases 5,003 17,658
Banking Operations Purchases (2) 4,704 8,196
Total Mortgage Loan Fundings 408,234 462,501
Commercial Real Estate Lending 7,400 5,671
Total Loan Fundings $415,634 $468,172
Total Bank Loan Fundings (3) $230,704 $129,772
Loan Fundings in Units (2):
Retail Lending 846,101 982,135
Wholesale Lending 341,534 466,265
Correspondent Lending 915,449 926,467
Capital Markets Purchases 15,829 67,763
Banking Operations Purchases (2) 49,114 63,801
Total Mortgage Loan Fundings 2,168,027 2,506,431
Commercial Real Estate Lending 1,069 620
Total Loan Fundings 2,169,096 2,507,051
Total Bank Loan Fundings (3) 1,315,957 838,174
Mortgage Loan Fundings (2)(4):
Purchase $172,034 $208,321
Non-purchase 236,200 254,180
Total Mortgage Loan Fundings $408,234 $462,501
Mortgage Loan Fundings by Product (2):
Government Fundings $22,379 $13,093
ARM Fundings $109,242 $210,902
Home Equity Fundings $34,399 $47,876
Nonprime Fundings $16,993 $40,596
MORTGAGE LOAN SERVICING (5)
Volume
Units
Subservicing Volume (6)
Subservicing Units
Prepayments in Full $198,020 $216,801
Bulk Servicing Acquisitions $21,735 $15,781
Servicing Portfolio Performance - CHL (7)
Delinquency as a percentage of:
unpaid principal balance
number of loans serviced
Foreclosures Pending as a
percentage of:
unpaid principal balance
number of loans serviced
LOAN CLOSING SERVICES (units)
Credit Reports 10,763,728 9,968,400
Flood Determinations 3,185,652 3,376,840
Appraisals 1,591,387 1,277,405
Automated Property Valuation Services 15,465,139 8,093,544
Other 340,878 214,493
Total Units 31,346,784 22,930,682
CAPITAL MARKETS
Securities Trading Volume (8) $4,032,971 $3,832,900
BANKING
Banking Operations Assets (in billions)
INSURANCE
Net Premiums Earned:
Carrier $1,235.0 $947.8
Reinsurance 288.6 223.6
Total Net Premiums Earned $1,523.6 $1,171.4
Period-end Rates
10-Year U.S. Treasury Yield
FNMA 30-Year Fixed Rate MBS Coupon
(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) During December 2006, the Company began reporting Banking Operations
purchases from third parties. Prior months have been restated to
reflect these purchases.
(3) These loans are processed for Countrywide Bank by the Company's
Mortgage Banking production divisions and Countrywide Commercial Real
Estate Finance, Inc., purchased from non-affiliates or originated by
Countrywide Bank and are included in "Total Loan Fundings" above. The
amounts include loans funded for both investment and for sale and
commercial real estate loans processed by Countrywide Bank. The
Company will report the amount of such loans subsequently sold on a
quarterly basis.
(4) 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.
(5) Includes loans held for sale, loans held for investment, and loans
serviced for others, including those under subservicing agreements.
(6) Subservicing volume for non-Countrywide entities.
(7) 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.
(8) Includes trades with Mortgage Banking Segment.
SOURCE Countrywide Financial Corporation
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Related links:
http://www.countrywide.com
CONTACT:
Investors, David Bigelow or Lisa Riordan,
+1-818-225-3550, Media, 1-800-796-8448, all of Countrywide
Financial Corporation
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