CALABASAS, Calif., May 9 /PRNewswire-FirstCall/ -- Countrywide
Financial Corporation (NYSE: CFC) released operational data for the month
ended April 30, 2007. Key operational results included the following:
* Mortgage loan fundings for the month of April totaled $40 billion, an
increase of 11 percent from April 2006.
-- On a consolidated basis, Countrywide funded $2.7 billion in
pay-option loans during the month as compared to $6.7 billion in
April 2006. Year-to-date fundings for pay-option loans totaled
$12.3 billion, as compared to $28.4 billion for the same prior year
period. These amounts include pay-option loans that have a fixed
rate for five years, which totaled $1.3 billion in April 2007 and
$3.7 billion year-to-date.
* Average daily mortgage loan application activity for April 2007 was
$3.1 billion, up 20 percent from April 2006. The mortgage loan
pipeline was $69 billion at April 30, 2007 as compared to $64 billion
at April 30, 2006.
* The mortgage loan servicing portfolio continued to grow, totaling
$1.4 trillion at April 30, 2007. This is an increase of $207 billion,
or 18 percent, from April 30, 2006.
* Banking Operations' assets were $86 billion at April 30, 2007, which
compares to $79 billion at April 30, 2006.
* Securities trading volume in the Capital Markets segment of $309
billion for April 2007 was 10 percent higher when compared to the same
month last year.
* Net earned premiums from the Insurance segment totaled $110 million,
up 20 percent from April 2006.
"Residential mortgage loan production for the month of April 2007
increased 11 percent as compared to April 2006," said David Sambol,
President and Chief Operating Officer. "Refinance activity remains
elevated, accounting for 61 percent of total monthly production activity,
which compares to 54 percent one year ago. Indicative of underwriting
guideline tightening, nonprime production declined to 4 percent of monthly
origination volume, compared to 9 percent in April of last year. Reflecting
a pick-up in mortgage activity, mortgage loan application volume and ending
pipeline were up 20 percent and 8 percent, respectively, as compared to the
year-ago period.
"Strong year-over-year improvement in all other business lines rounded
out the month. The loan servicing portfolio continued its uninterrupted
climb, increasing by 18 percent; Banking Operations assets rose 9 percent;
Capital Markets trading volume rose 10 percent; and Insurance net earned
premiums increased by 20 percent."
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 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.
COUNTRYWIDE FINANCIAL CORPORATION AND SUBSIDIARIES
OPERATING STATISTICS(1)
(Dollars in Millions)
Month Ended Year-to-Date
April 30 April 30 April 30 April 30
2007 2006 2007 2006
LOAN PRODUCTION
Number of Working Days
in the Period 20 20 82 82
Average Daily Mortgage
Loan Applications $3,084 $2,562 $3,013 $2,546
Mortgage Loan Pipeline
(loans-in-process) $68,747 $63,739
Commercial Real Estate
Loan Pipeline
(loans-in-process) $2,845 $709
Loan Fundings (2):
Retail Lending $13,578 $12,413 $52,589 $47,039
Wholesale Lending 7,963 8,419 30,151 32,068
Correspondent Lending 18,294 13,263 68,067 54,399
Capital Markets Purchases 192 1,943 2,021 5,950
Banking Operations
Purchases (2) 453 307 2,616 2,421
Total Mortgage Loan
Fundings 40,480 36,345 155,444 141,877
Commercial Real Estate
Lending 930 252 2,941 1,218
Total Loan Fundings $41,410 $36,597 $158,385 $143,095
Total Bank Mortgage
Loan Fundings (3) $16,048 $5,303 $59,770 $19,976
Loan Fundings in Units (2):
Retail Lending 78,759 81,216 296,894 312,184
Wholesale Lending 38,582 40,501 144,501 155,843
Correspondent Lending 90,113 65,684 336,112 269,189
Capital Markets Purchases 738 7,749 6,390 23,134
Banking Operations
Purchases (2) 2,723 5,863 22,340 12,312
Total Mortgage Loan
Fundings 210,915 201,013 806,237 772,662
Commercial Real Estate
Lending 89 32 301 120
Total Loan Fundings 211,004 201,045 806,538 772,782
Total Bank Mortgage
Loan Fundings (3) 94,593 43,776 352,252 149,562
Mortgage Loan
Fundings (2)(4):
Purchase $15,866 $16,629 $59,032 $63,639
Non-purchase 24,614 19,716 96,412 78,238
Total Mortgage
Loan Fundings $40,480 $36,345 $155,444 $141,877
Mortgage Loan Fundings
by Product (2):
Government Fundings $1,532 $1,045 $5,071 $3,923
ARM Fundings $11,424 $17,344 $52,382 $71,066
Home Equity Fundings $3,480 $4,192 $14,019 $15,255
Nonprime Fundings $1,682 $3,292 $9,563 $12,497
MORTGAGE LOAN
SERVICING (5)
Volume $1,370,760 $1,164,010
Units 8,522,364 7,637,270
Subservicing
Volume (6) $16,338 $22,541
Subservicing Units 171,381 216,296
Prepayments in Full $20,088 $16,540 $77,920 $63,543
Bulk Servicing
Acquisitions $2,962 $16 $15,399 $117
Servicing Portfolio
Performance - CHL (7)
Delinquency as a
percentage of:
unpaid principal
balance 4.23% 3.56%
number of loans
serviced 4.45% 4.06%
Foreclosures Pending as
a percentage of:
unpaid principal
balance 0.85% 0.43%
number of loans
serviced 0.69% 0.46%
LOAN CLOSING SERVICES
(units)
Credit Reports 982,765 820,238 3,813,833 3,383,123
Flood Determinations 274,407 276,384 1,137,258 1,130,712
Appraisals 116,062 99,621 452,234 379,194
Automated Property
Valuation Services 634,281 1,048,619 3,005,461 3,104,163
Other 24,020 12,634 97,554 62,412
Total Units 2,031,535 2,257,496 8,506,340 8,059,604
CAPITAL MARKETS
Securities Trading
Volume (8) $308,694 $281,690 $1,306,636 $1,260,045
BANKING
Banking Operations
Assets (in billions) $86 $79
INSURANCE
Net Premiums Earned:
Carrier $89.3 $73.1 $360.2 $301.1
Reinsurance 20.9 18.7 84.2 70.5
Total Net Premiums
Earned $110.2 $91.8 $444.4 $371.6
Period-end Rates
10-Year U.S.
Treasury Yield 4.63% 5.07%
FNMA 30-Year Fixed
Rate MBS Coupon 5.76% 6.10%
(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
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Related links:
http://www.countrywide.com
CONTACT:
Investors, +1-818-225-3550, David Bigelow or
Lisa Riordan, or Media, +1-800-796-8448, both of Countrywide
Financial Corporation
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