CALABASAS, Calif., April 12 /PRNewswire-FirstCall/ -- Countrywide
Financial Corporation (NYSE: CFC) released operational data for the month
ended March 31, 2007. Key operational results included the following:
* Mortgage loan fundings for the month of March totaled $43 billion,
an increase of 5 percent from March 2006.
-- Monthly purchase volume was $17 billion, which compares to
$19 billion for the year-ago period.
-- Home equity loan fundings were $4.0 billion, down 5 percent from
March 2006.
-- Nonprime loan fundings declined 29 percent from March 2006 to
$2.4 billion at March 2007.
-- On a consolidated basis, Countrywide funded $3.5 billion in
pay-option loans during the month as compared to $8.8 billion in
March 2006. Year-to-date fundings for pay-option loans totaled
$9.6 billion, as compared to $22 billion for the same prior year
period. These amounts include pay-option loans that have a fixed
rate for 5 years, which totaled $1.3 billion in March 2007 and
$2.3 billion year-to-date.
-- 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 for March 2007 was
$3.1 billion, up 17 percent from March 2006. The mortgage loan
pipeline was $69 billion at March 31, 2007 as compared to $64 billion
at March 31, 2006.
* The mortgage loan servicing portfolio continued to grow, totaling
$1.4 trillion at March 31, 2007. This is an increase of $199 billion,
or 17 percent, from March 31, 2006.
* Banking Operations' assets were $84 billion at March 31, 2007, which
compares to $78 billion at March 31, 2006.
* Securities trading volume in the Capital Markets segment of
$397 billion for March 2007 was 7 percent higher when compared to the
same month last year.
* Net earned premiums from the Insurance segment totaled $112 million,
up 21 percent from March 2006.
"The March 2007 and first quarter 2007 operational statistics are
reflective of current mortgage market conditions," said David Sambol,
President and Chief Operating Officer. "Production volume was dominated by
refinance and fixed-rate loan activity, which accounted for 60 percent and
66 percent of total mortgage loan originations, respectively, for the month
of March 2007, and 62 percent and 64 percent of total mortgage loan
originations, respectively, for the first quarter of 2007. Nonprime
fundings continued to decline, accounting for 5 percent of total mortgage
loan originations for March 2007 and 7 percent of total mortgage loan
originations for the first quarter of 2007.
"The servicing portfolio was $1.4 trillion, which compares to $1.2
trillion one year ago. Delinquencies on the portfolio (as a percentage of
the number of loans serviced) were 4.29 percent for March 2007, which
compares to 5.02 percent for December 2006, and 3.68 percent for March
2006. Historically, delinquencies have trended downward from the fourth
quarter to the first quarter due to seasonality.
"While current market conditions are creating short-term volatility in
our residential mortgage business, management believes the Company is
well-positioned to capitalize upon the longer-term opportunities that are
being created as the marketplace rationalizes."
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 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.
(tables follow)
COUNTRYWIDE FINANCIAL CORPORATION AND SUBSIDIARIES
OPERATING STATISTICS (1)
(Dollars in Millions)
Month Ended Year-to-Date
March 31 March 31 March 31 March 31
2007 2006 2007 2006
LOAN PRODUCTION
Number of Working
Days in the Period 22 23 62 62
Average Daily Mortgage
Loan Applications $3,134 $2,687 $2,990 $2,541
Mortgage Loan Pipeline
(loans-in-process) $69,389 $64,167
Commercial Real Estate
Loan Pipeline
(loans-in-process) $3,207 $599
Loan Fundings (2):
Retail Lending $14,409 $13,513 $39,011 $34,626
Wholesale Lending 8,159 9,349 22,188 23,649
Correspondent Lending 18,616 15,680 49,773 41,136
Capital Markets
Purchases 954 1,306 1,829 4,007
Banking Operations
Purchases (2) 1,144 1,570 2,163 2,114
Total Mortgage
Loan Fundings 43,282 41,418 114,964 105,532
Commercial Real
Estate Lending 664 463 2,011 966
Total Loan Fundings $43,946 $41,881 $116,975 $106,498
Total Bank Mortgage
Loan Fundings (3) $14,533 $6,121 $43,722 $14,673
Loan Fundings in
Units (2):
Retail Lending 80,682 88,971 218,135 230,968
Wholesale Lending 38,936 45,660 105,919 115,342
Correspondent Lending 92,391 76,598 245,999 203,505
Capital Markets
Purchases 2,884 4,871 5,652 15,385
Banking Operations
Purchases (2) 7,552 4,869 19,617 6,449
Total Mortgage
Loan Fundings 222,445 220,969 595,322 571,649
Commercial Real
Estate Lending 88 38 212 88
Total Loan Fundings 222,533 221,007 595,534 571,737
Total Bank Mortgage
Loan Fundings (3) 87,660 41,877 257,659 105,786
Mortgage Loan
Fundings (2)(4):
Purchase $17,265 $18,941 $43,166 $47,010
Non-purchase 26,017 22,477 71,798 58,522
Total Mortgage
Loan Fundings $43,282 $41,418 $114,964 $105,532
Mortgage Loan Fundings
by Product (2):
Government Fundings $1,406 $1,206 $3,539 $2,878
ARM Fundings $14,677 $20,668 $40,958 $53,722
Home Equity Fundings $3,976 $4,176 $10,539 $11,063
Nonprime Fundings $2,355 $3,318 $7,881 $9,205
MORTGAGE LOAN
SERVICING (5)
Volume $1,351,598 $1,152,651
Units 8,438,625 7,604,711
Subservicing Volume (6) $16,258 $26,172
Subservicing Units 172,916 238,767
Prepayments in Full $20,896 $18,992 $57,832 $47,003
Bulk Servicing
Acquisitions $5,198 $24 $12,437 $101
Servicing Portfolio
Performance - CHL (7)
Delinquency as a
percentage of:
unpaid principal
balance 4.07% 3.18%
number of loans
serviced 4.29% 3.68%
Foreclosures Pending
as a percentage of:
unpaid principal
balance 0.83% 0.44%
number of loans
serviced 0.69% 0.47%
LOAN CLOSING
SERVICES (units)
Credit Reports 1,109,878 952,880 2,831,068 2,562,885
Flood Determinations 305,214 325,135 862,851 854,328
Appraisals 123,070 112,836 336,172 279,573
Automated Property
Valuation Services 573,932 590,348 2,371,180 2,055,544
Other 24,179 18,194 73,534 49,778
Total Units 2,136,273 1,999,393 6,474,805 5,802,108
CAPITAL MARKETS
Securities Trading
Volume (8) $396,545 $371,190 $997,942 $978,355
BANKING
Banking Operations
Assets (in billions) $84 $78
INSURANCE
Net Premiums Earned:
Carrier $91.1 $75.4 $270.9 $228.0
Reinsurance 20.9 17.4 63.3 51.8
Total Net Premiums
Earned $112.0 $92.8 $334.2 $279.8
Period-end Rates
10-Year U.S. Treasury
Yield 4.65% 4.86%
FNMA 30-Year Fixed
Rate MBS Coupon 5.77% 6.01%
(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) 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
 back to top
Related links:
http://www.countrywide.com
CONTACT:
Investors, David Bigelow or Lisa Riordan,
+1-818-225-3550, or Media, +1-800-796-8448, all of Countrywide
Financial Corporation
|
