CALABASAS, Calif., June 12 /PRNewswire-FirstCall/ -- Countrywide
Financial Corporation (NYSE: CFC) released operational data for the month
ended May 31, 2007. Key operational results included the following:
* Mortgage loan fundings for the month of May totaled $44 billion, an
increase of 15 percent from May 2006.
-- On a consolidated basis, Countrywide funded $2.3 billion in
pay-option loans during the month as compared to $6.6 billion in
May 2006. Year-to-date fundings for pay-option loans totaled
$15 billion, as compared to $35 billion for the same prior year
period.
* Average daily mortgage loan application activity for May 2007 was
$3.1 billion, up 17 percent from May 2006. The mortgage loan pipeline
was $70 billion at May 31, 2007 as compared to $66 billion at May 31,
2006.
* The mortgage loan servicing portfolio continued to grow, totaling
$1.4 trillion at May 31, 2007. This is an increase of $214 billion, or
18 percent, from May 31, 2006.
* Banking Operations' assets were $87 billion at May 31, 2007, which
compares to $80 billion at May 31, 2006.
* Securities trading volume in the Capital Markets segment of $351 billion
for May 2007 was 6 percent higher when compared to the same month last
year.
* Net earned premiums from the Insurance segment totaled $118 million, up
30 percent from May 2006.
"Countrywide generated robust residential mortgage production results
for the month of May," said David Sambol, President and Chief Operating
Officer. "Production trends included a 17 percent increase in home purchase
activity from the prior month; fixed-rate mortgages accounted for 76
percent of monthly production, their highest percentage since August 2003;
and the pipeline of mortgage loans-in-process ended the month at $70
billion, its highest amount since October 2005. Reflecting our focus on
integrating the activities of our Bank and mortgage company, Countrywide
Bank funded $19 billion, or 44 percent, of total residential mortgage
production during the month of May 2007, its highest monthly amount to
date. According to Inside Mortgage Finance, Countrywide retained its
position as the #1 mortgage originator in all channels for the first
quarter of 2007. In particular, we expanded our lead in the retail channel
from the 4th quarter of 2006.
"Strong results were produced by our other businesses. The servicing
portfolio increased 18 percent from May 2006 and Banking Operations' assets
rose 9 percent year-over-year. On a year-to-date basis, Capital Markets
securities trading volume increased 4 percent from the five months ended
May 2006, and net earned premiums from our Insurance segment rose 22
percent from the same year-ago period."
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 Million)
Month Ended Year-to-Date
May 31 May 31 May 31 May 31
2007 2006 2007 2006
LOAN PRODUCTION
Number of Working
Days in the Period 22 22 105 104
Average Daily
Mortgage Loan
Applications $3,126 $2,667 $3,008 $2,572
Mortgage Loan Pipeline
(loans-in-process) $69,744 $65,577
Commercial Real Estate
Loan Pipeline
(loans-in-process) $2,319 $1,116
Loan Fundings (2):
Retail Lending $14,377 $14,170 $66,966 $61,209
Wholesale Lending 8,077 9,083 38,228 41,151
Correspondent Lending 20,803 13,325 88,870 67,724
Capital Markets
Purchases 884 1,996 2,905 7,946
Banking Operations
Purchases (2) 279 159 2,895 2,580
Total Mortgage Loan
Fundings 44,420 38,733 199,864 180,610
Commercial Real Estate
Lending 1,157 281 4,098 1,499
Total Loan Fundings $45,577 $39,014 $203,962 $182,109
Total Bank Mortgage
Loan Fundings (3) $19,325 $8,209 $79,095 $28,185
Loan Fundings in Units (2):
Retail Lending 85,901 90,906 382,795 403,090
Wholesale Lending 39,513 43,783 184,014 199,626
Correspondent Lending 102,422 66,904 438,534 336,093
Capital Markets
Purchases 3,336 7,509 9,726 30,643
Banking Operations
Purchases (2) 2,110 2,644 24,450 14,956
Total Mortgage Loan
Fundings 233,282 211,746 1,039,519 984,408
Commercial Real Estate
Lending 170 45 471 165
Total Loan Fundings 233,452 211,791 1,039,990 984,573
Total Bank Mortgage
Loan Fundings (3) 111,041 60,562 463,293 210,124
Mortgage Loan Fundings
(2)(4):
Purchase $18,642 $18,334 $77,674 $81,973
Non-purchase 25,778 20,399 122,190 98,637
Total Mortgage Loan
Fundings $44,420 $38,733 $199,864 $180,610
Mortgage Loan Fundings
by Product (2):
Government Fundings $1,937 $1,108 $7,008 $5,031
ARM Fundings $10,667 $19,667 $63,049 $90,733
Home Equity Fundings $3,382 $4,367 $17,401 $19,622
Nonprime Fundings $2,186 $3,807 $11,749 $16,304
MORTGAGE LOAN SERVICING (5)
Volume $1,392,756 $1,179,179
Units 8,625,522 7,686,777
Subservicing
Volume (6) $16,144 $22,243
Subservicing Units 169,041 212,483
Prepayments in Full $21,135 $19,037 $99,055 $82,580
Bulk Servicing
Acquisitions $2,650 $26 $18,049 $143
Servicing Portfolio
Performance - CHL (7)
Delinquency as a
percentage of:
unpaid principal
balance 4.44% 3.36%
number of loans
serviced 4.71% 3.91%
Foreclosures Pending as
a percentage of:
unpaid principal
balance 0.90% 0.45%
number of loans
serviced 0.71% 0.47%
LOAN CLOSING SERVICES (units)
Credit Reports 1,023,073 906,653 4,836,906 4,289,776
Flood Determinations 342,574 313,710 1,479,832 1,444,422
Appraisals 125,420 116,380 577,654 495,574
Automated Property
Valuation Services 1,003,475 527,849 4,008,936 3,632,012
Other 26,640 18,536 124,194 80,948
Total Units 2,521,182 1,883,128 11,027,522 9,942,732
CAPITAL MARKETS
Securities Trading
Volume (8) $350,850 $331,804 $1,657,486 $1,591,849
BANKING
Banking Operations
Assets (in billions) $87 $80
INSURANCE
Net Premiums Earned:
Carrier $95.7 $72.9 $455.9 $374.0
Reinsurance 21.9 17.9 106.1 88.4
Total Net Premiums
Earned $117.6 $90.8 $562.0 $462.4
Period-end Rates
10-Year U.S. Treasury
Yield 4.90% 5.12%
FNMA 30-Year Fixed Rate
MBS Coupon 6.04% 6.31%
(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, David Bigelow or Lisa Riordan,
+1-818-225-3550, or Media, +1-800-796-8448, all of Countrywide
Financial Corporation
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