CALABASAS, Calif., Nov. 9 /PRNewswire-FirstCall/ -- Countrywide
Financial Corporation (NYSE: CFC) released operational data for the month
ended October 31, 2006. Key operational results included the following:
* Mortgage loan fundings for the month of October reached $41 billion, an
increase of 9 percent from September 2006, but were down 12 percent from
October 2005. Year-to-date funding volume totaled $375 billion, a
decrease of 7 percent from the same period a year ago.
-- Monthly purchase volume was $17 billion, a decrease of 16 percent
from October 2005. Year-to-date purchase volume totaled
$173 billion, a decrease of 10 percent from the same prior year
period.
-- Home equity loan fundings of $3.6 billion were essentially flat as
compared to October 2005. Year-to-date home equity activity was
$39 billion, an increase of 11 percent from last year.
-- Nonprime loan fundings were $3.3 billion, as compared to $3.9 billion
for October 2005. Year-to-date nonprime volume was $34 billion, a
decrease of 7 percent from the prior year period.
-- On a consolidated basis, Countrywide funded $4.3 billion in
pay-option loans during the month as compared to $8.5 billion in
October 2005. Year-to-date pay-option fundings were $58 billion as
compared to $79 billion for the same period last year.
-- 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 October was
$2.6 billion as compared to $2.8 billion in October 2005. The mortgage
loan pipeline was $61 billion at October 31, 2006 as compared to
$71 billion at October 31, 2005.
* The mortgage loan servicing portfolio continued its growth, reaching
$1.26 trillion at October 31, 2006. This is an increase of
$193 billion, or 18 percent, from October 31, 2005.
* Banking Operations' assets were $83 billion at October 31, 2006, an
increase of 15 percent from October 31, 2005.
* Securities trading volume in the Capital Markets segment rose 11 percent
from October 2005 to reach $300 billion for October 2006. Year-to-date
securities trading volume reached $3.1 trillion, an increase of 6
percent from the year-ago period.
* Net earned premiums from the Insurance segment totaled $101 million, an
increase of 16 percent from October 2005. On a year-to-date basis, net
earned premiums were $965 million, an increase of 30 percent from the
same prior year period.
"October operational results reflect both seasonal and economic
mortgage market conditions," said Angelo R. Mozilo, Chairman and Chief
Executive Officer. "As a result, purchase activity has started to slow.
However, following the drop in interest rates during the month of
September, October refinance activity increased to $24 billion -- the
highest dollar volume since October 2005. The servicing portfolio continued
to grow, reaching $1.26 trillion. Positive year-over-year operational
results for the month of October were delivered by our non-mortgage banking
businesses. Banking Operations' assets increased 15 percent, Capital
Markets had an 11 percent growth in securities trading volume, and
Insurance segment net premiums earned increased by 16 percent."
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; 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; changes in generally accepted
accounting principles or in the legal, regulatory and legislative
environments in the markets in which the Company operates; failure to
attract and retain a highly skilled workforce; 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
October October October October
31, 2006 31, 2005 31, 2006 31, 2005
LOAN PRODUCTION
Number of Working Days
in the Period 22 21 211 210
Average Daily Mortgage
Loan Applications $2,642 $2,806 $2,626 $2,726
Mortgage Loan Pipeline
(loans-in-process) $60,939 $70,644
Commercial Real Estate
Loan Pipeline
(loans-in-process) $181 $339
Loan Fundings:
Consumer Markets
Division $13,669 $14,534 $129,021 $128,317
Wholesale Lending
Division 7,464 8,206 81,106 86,325
Correspondent Lending
Division 19,399 21,099 149,197 174,615
Capital Markets 576 2,933 15,518 15,332
Total Mortgage Loan
Fundings 41,108 46,772 374,842 404,589
Commercial Real Estate
Fundings 406 507 3,715 2,916
Total Loan Fundings $41,514 $47,279 $378,557 $407,505
Bank Mortgage Loan
Fundings (2) $17,206 $2,936 $90,652 $42,271
Loan Fundings in Units:
Consumer Markets
Division 83,206 91,233 827,880 839,015
Wholesale Lending
Division 36,813 40,184 395,210 428,215
Correspondent Lending
Division 96,120 101,453 749,137 894,975
Capital Markets 2,594 10,932 59,705 59,990
Total Mortgage Loan
Fundings in Units 218,733 243,802 2,031,932 2,222,195
Commercial Real Estate 97 29 463 195
Total Loan Fundings
in Units 218,830 243,831 2,032,395 2,222,390
Bank Mortgage Loan
Units (2) 99,553 30,026 601,276 352,164
Mortgage Loan Fundings: (3)
Purchase $17,287 $20,693 $173,282 $191,640
Non-purchase 23,821 26,079 201,560 212,949
Total Mortgage Loan
Fundings $41,108 $46,772 $374,842 $404,589
Mortgage Loan Fundings
by Product:
Government Fundings $1,241 $958 $10,677 $8,936
ARM Fundings $15,471 $23,146 $174,242 $213,563
Home Equity Fundings $3,571 $3,569 $38,800 $34,972
Nonprime Fundings $3,254 $3,876 $33,799 $36,333
MORTGAGE LOAN
SERVICING (4)
Volume $1,263,061 $1,070,077
Units 8,043,817 7,294,228
Subservicing
Volume (5) $21,125 $30,641
Subservicing Units 193,170 267,847
Prepayments in Full $20,142 $20,625 $176,031 $190,836
Bulk Servicing
Acquisitions $3,913 $5,462 $7,028 $48,694
Portfolio
Delinquency - CHL (6) 4.43% 4.32%
Foreclosures
Pending - CHL (6) 0.56% 0.41%
COUNTRYWIDE FINANCIAL CORPORATION AND SUBSIDIARIES
OPERATING STATISTICS (1)
(Dollars in Millions)
Month Ended Year-to-Date
October October October October
31, 2006 31, 2005 31, 2006 31, 2005
LOAN CLOSING SERVICES
(units)
Credit Reports 837,157 800,675 8,547,914 8,181,717
Flood Determinations 290,196 314,302 2,823,818 2,979,396
Appraisals 118,105 111,172 1,058,218 1,000,954
Automated Property
Valuation Services 539,126 706,351 6,743,360 6,334,803
Other 21,167 14,424 171,867 152,150
Total Units 1,805,751 1,946,924 19,345,177 18,649,020
CAPITAL MARKETS
Securities Trading
Volume (7) $299,790 $270,724 $3,145,391 $2,958,212
BANKING
Banking Operations
Assets (in billions) $83 $72
INSURANCE
Net Premiums Earned:
Carrier $81.0 $70.8 $782.2 $594.4
Reinsurance 19.5 15.7 183.1 147.2
Total Net Premiums
Earned $100.5 $86.5 $965.3 $741.6
Period-end Rates
10-Year U.S. Treasury
Yield 4.61% 4.57%
FNMA 30-Year Fixed
Rate MBS Coupon 5.79% 5.80%
(1) This data reflect 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) These loans are processed for Countrywide Bank by the Company's
Mortgage Banking production divisions 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.
(3) 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.
(4) Includes loans held for sale, loans held for investment, and loans
serviced for others, including those under subservicing agreements.
(5) Subservicing volume for non-Countrywide entities.
(6) 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.
(7) 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
|
