CALABASAS, Calif., Feb. 9 /PRNewswire-FirstCall/ -- Countrywide
Financial Corporation (NYSE: CFC) released operational data for the month
ended January 31, 2007. Key operational results included the following:
* Mortgage loan fundings for the month of January were $37 billion, an
increase of 13 percent from January 2006.
- Monthly purchase volume of $13 billion was down 8 percent from January
2006.
- Home equity loan fundings rose 3 percent from January 2006 to
$3.6 billion at January 2007.
- Nonprime loan fundings for the month of January were $2.9 billion, as
compared to $3.0 billion in January 2006.
- On a consolidated basis, Countrywide funded $2.7 billion in pay-option
loans during the month as compared to $6.9 billion in January 2006.
- It should be noted that the various mortgage loan funding categories
listed above are not mutually exclusive and are not intended to equal
100 percent of total fundings.
* Average daily mortgage loan application activity in January was
$2.8 billion, up 17 percent from January 2006. The mortgage loan
pipeline was $59 billion at January 31, 2007 as compared to $57 billion
at January 31, 2006.
* The mortgage loan servicing portfolio continued to grow, surpassing
$1.3 trillion at January 31, 2007. This is an increase of $190 billion,
or 17 percent, from January 31, 2006.
* Banking Operations' assets were $83 billion at January 31, 2007, which
compares to $75 billion at January 31, 2006.
* Securities trading volume in the Capital Markets segment of $313 billion
for January 2007 was down 1 percent when compared to the same month last
year.
* Net earned premiums from the Insurance segment totaled $112 million, up
16 percent from January 2006.
"Countrywide's operational results for January 2007 reflect current
mortgage market and seasonal conditions," said David Sambol, President and
Chief Operating Officer. "Total mortgage loan fundings for the month were
up 13 percent year over year, but were down 11 percent on a sequential
basis, in part a reflection of normal seasonal effects. Other operational
highlights for the month of January included year-over-year growth in
Banking Operations' assets to $83 billion and expansion of Insurance
segment net premiums earned to $112 million."
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 prime and nonprime 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 does not constitute an offer of any securities for sale.
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,
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: 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; loss of investment grade
ratings that may result in an increase in the cost of debt or loss of
access to corporate debt markets; reduction in government support of
homeownership; the level and volatility of interest rates; changes in
interest rate paths; increases in the delinquency rates of borrowers;
changes in generally accepted accounting principles or in the legal,
regulatory and legislative environments in the markets in which the Company
operates; 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.
COUNTRYWIDE FINANCIAL CORPORATION AND SUBSIDIARIES
OPERATING STATISTICS (1)
(Dollars in Millions)
Month Ended
January 31 January 31
2007 2006
LOAN PRODUCTION
Number of Working Days in the Period 21 20
Average Daily Mortgage Loan
Applications $2,820 $2,408
Mortgage Loan Pipeline (loans-in-
process) $58,697 $57,351
Commercial Real Estate Loan Pipeline
(loans-in-process) $1,954 $692
Loan Fundings (2):
Retail Lending $12,647 $10,304
Wholesale Lending 7,155 7,141
Correspondent Lending 16,261 14,233
Capital Markets Purchases 309 955
Banking Operations Purchases (2) 741 151
Total Mortgage Loan Fundings 37,113 32,784
Commercial Real Estate Lending 654 235
Total Loan Fundings $37,767 $33,019
Total Bank Mortgage Loan Fundings (3) $15,520 $4,334
Loan Fundings in Units (2):
Retail Lending 70,212 69,073
Wholesale Lending 34,318 34,735
Correspondent Lending 80,195 71,049
Capital Markets Purchases 951 3,777
Banking Operations Purchases (2) 9,395 433
Total Mortgage Loan Fundings 195,071 179,067
Commercial Real Estate Lending 60 26
Total Loan Fundings 195,131 179,093
Total Bank Mortgage Loan Fundings (3) 91,176 32,055
Mortgage Loan Fundings (2)(4):
Purchase $13,268 $14,449
Non-purchase 23,845 18,335
Total Mortgage Loan Fundings $37,113 $32,784
Mortgage Loan Fundings by Product (2):
Government Fundings $1,100 $856
ARM Fundings $13,748 $16,986
Home Equity Fundings $3,586 $3,476
Nonprime Fundings $2,939 $3,042
MORTGAGE LOAN SERVICING (5)
Volume $1,316,579 $1,126,610
Units 8,277,857 7,500,434
Subservicing Volume (6) $17,244 $29,141
Subservicing Units 174,330 247,185
Prepayments in Full $19,126 $13,548
Bulk Servicing Acquisitions $1,103 $40
Portfolio Delinquency - CHL (7) 4.71% 4.42%
Foreclosures Pending - CHL (7) 0.69% 0.46%
LOAN CLOSING SERVICES (units)
Credit Reports 897,918 821,967
Flood Determinations 310,340 275,546
Appraisals 108,450 86,503
Automated Property Valuation Services 539,439 967,896
Other 25,756 15,866
Total Units 1,881,903 2,167,778
CAPITAL MARKETS
Securities Trading Volume (8) $312,666 $314,858
BANKING
Banking Operations Assets (in billions) $83 $75
INSURANCE
Net Premiums Earned:
Carrier $90.7 $79.4
Reinsurance 20.8 17.0
Total Net Premiums Earned $111.5 $96.4
Period-end Rates
10-Year U.S. Treasury Yield 4.83% 4.53%
FNMA 30-Year Fixed Rate MBS Coupon 5.91% 5.76%
(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 either processed for Countrywide Bank by the Company's
Mortgage Banking production divisions or purchased from non-affiliates
and are included in "Total Mortgage Loan Fundings" above. The amounts
include loans funded for both investment purposes and for sale. 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) Expressed as a percentage of the total number of loans serviced,
excluding subserviced loans and portfolios purchased at a discount due
to their non-performing status.
(8) Includes trades with Mortgage Banking Segment.
SOURCE Countrywide Financial Corporation
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Related links:
http://www.countrywide.com
http://www.prnewswire.com/comp/158187.html
http://www.prnewswire.com/comp/102559.html /
CONTACT:
Investors, David Bigelow or Lisa Riordan,
+1-818-225-3550, or Media, +1-800-796-8448, all of Countrywide
Financial Corporation
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