CALABASAS, Calif., Nov. 13 /PRNewswire-FirstCall/ -- Countrywide
Financial Corporation (NYSE: CFC) released operational data for the month
ended October 31, 2007. Key operational results included the following:
-- Mortgage loan fundings for the month of October 2007 totaled $22
billion, a 48 percent decline from October 2006.
-- Average daily mortgage loan application activity for October 2007 was
$1.8 billion, a 34 percent decrease from October 2006. The mortgage
loan pipeline was $41 billion at October 31, 2007, as compared to $61
billion for the same period last year.
-- The mortgage loan servicing portfolio continued to grow, reaching $1.47
trillion at October 31, 2007. This is an increase of $202 billion, or
16 percent, from October 31, 2006.
-- Banking Operations' assets were $106 billion at October 31, 2007, which
compares to $83 billion at October 31, 2006.
-- Securities trading volume in the Capital Markets segment of $260
billion for October 2007 was 13 percent lower when compared to the same
month last year.
-- Net earned premiums from the Insurance segment were $136 million in
October 2007, up 35 percent from October 2006.
"October's operating results continue to be indicative of current
market trends," said David Sambol, President and Chief Operating Officer.
"Total fundings were down substantially on a year-over-year basis, but were
up 4 percent from the prior month, and production funded through the Bank
has now surpassed 90 percent of total fundings. Average daily applications
and the mortgage loan pipeline were essentially flat from the prior month.
At $42 million, subprime fundings for the month of October 2007 were just
0.2 percent of total mortgage loan fundings."
"Countrywide continues to work diligently toward mitigating the
consequences our borrowers are facing as a result of the current market
conditions," Sambol continued. "As such, we have recently launched our $16
billion home ownership preservation initiative to help borrowers facing, or
who have already experienced, interest rate resets. We have also reached
out to the community at large through various partnership initiatives with
consumer housing groups such as the Neighborhood Assistance Corporation of
America, the Homeownership Preservation Foundation, and NeighborWorks(R)
America."
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 residential and commercial
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,
financial results, 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: increased cost of debt;
reduced access to corporate debt markets or other sources of liquidity;
unforeseen cash or capital requirements; a reduction in secondary mortgage
market investor demand; increased credit losses due to downward trends in
the economy and in the real estate market; increases in the delinquency
rates of borrowers; 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; reduction in government
support of homeownership; the level and volatility of interest rates;
changes in interest rate paths; changes in debt ratings; changes in
generally accepted accounting principles or in the legal, regulatory and
legislative environments in which Countrywide 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, and the statements made in this press release
are current as of the date of this release only.
(Tables follow)
COUNTRYWIDE FINANCIAL CORPORATION AND SUBSIDIARIES
OPERATING STATISTICS (1)
(Dollars in Millions)
Month Ended Year-to-Date
October 31 October 31 October 31 October 31
2007 2006 2007 2006
LOAN PRODUCTION
Number of Working
Days in the Period 23 22 212 211
Average Daily Mortgage
Loan Applications $1,753 $2,642 $2,664 $2,626
Mortgage Loan Pipeline
(loans-in-process) $41,127 $60,939
Commercial Real Estate
Loan Pipeline
(loans-in-process) $752 $1,824
Loan Fundings (2):
Retail Lending $9,597 $13,669 $125,619 $129,021
Wholesale Lending 3,220 7,464 64,128 81,106
Correspondent Lending 9,028 19,399 163,246 149,197
Capital Markets
Purchases 85 576 4,972 15,518
Banking Operations
Purchases (2) 33 788 3,756 7,651
Total Mortgage
Loan Fundings 21,963 41,896 361,721 382,493
Commercial Real
Estate Lending 405 406 7,119 3,715
Total Loan
Fundings $22,368 $42,302 $368,840 $386,208
Total Bank Loan
Fundings (3) $20,289 $17,994 $187,741 $98,303
Loan Fundings in
Units (2):
Retail Lending 56,626 83,206 739,798 827,880
Wholesale Lending 16,119 36,813 312,363 395,210
Correspondent
Lending 44,540 96,120 820,562 749,137
Capital Markets
Purchases 145 2,594 15,726 59,705
Banking Operations
Purchases (2) - 11,463 37,597 62,091
Total Mortgage
Loan Fundings 117,430 230,196 1,926,046 2,094,023
Commercial Real
Estate Lending 66 97 1,006 463
Total Loan
Fundings 117,496 230,293 1,927,052 2,094,486
Total Bank Loan
Fundings (3) 109,892 111,016 1,089,277 663,367
Mortgage Loan
Fundings (2)(4):
Purchase $9,304 $17,403 $153,258 $175,214
Non-purchase 12,659 24,493 208,463 207,279
Total Mortgage
Loan Fundings $21,963 $41,896 $361,721 $382,493
Mortgage Loan Fundings
by Product (2):
Government Fundings $2,129 $1,241 $17,504 $10,677
ARM Fundings $3,095 $16,259 $102,228 $181,377
Home Equity
Fundings $1,357 $4,294 $31,232 $41,386
Nonprime Fundings $42 $3,254 $16,970 $33,799
MORTGAGE LOAN
SERVICING (5)
Volume $1,465,009 $1,263,061
Units 8,999,292 8,043,817
Subservicing
Volume (6) $24,722 $21,125
Subservicing Units 229,428 193,170
Prepayments in Full $12,722 $20,142 $173,018 $176,031
Bulk Servicing
Acquisitions $36 $3,913 $21,698 $7,028
Servicing Portfolio
Performance - CHL (7)
Delinquency as a
percentage of:
unpaid principal
balance 5.94% 3.97%
number of loans
serviced 5.89% 4.43%
Foreclosures Pending
as a percentage of:
unpaid principal
balance 1.23% 0.58%
number of loans
serviced 0.89% 0.56%
LOAN CLOSING SERVICES
(units)
Credit Reports 811,634 837,157 9,501,252 8,547,914
Flood
Determinations 214,924 290,196 2,835,294 2,823,818
Appraisals 154,968 118,105 1,314,704 1,058,218
Automated Property
Valuation Services 5,793,171 539,126 13,477,097 6,743,360
Other 30,662 21,167 281,198 171,867
Total Units 7,005,359 1,805,751 27,409,545 19,345,177
CAPITAL MARKETS
Securities Trading
Volume (8) $260,243 $299,790 $3,424,570 $3,145,391
BANKING
Banking Operations
Assets (in billions) $106 $83
INSURANCE
Net Premiums Earned:
Carrier $108.5 $81.0 $982.3 $782.2
Reinsurance 27.6 19.5 230.3 183.1
Total Net
Premiums Earned $136.1 $100.5 $1,212.6 $965.3
Period-end Rates
10-Year U.S.
Treasury Yield 4.48% 4.61%
FNMA 30-Year Fixed
Rate MBS Coupon 5.84% 5.79%
(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 processed for Countrywide Bank by the Company's
Mortgage Banking production divisions and Countrywide Commercial Real
Estate Finance, Inc., purchased from non-affiliates or originated by
Countrywide Bank and are included in "Total Loan Fundings" above. The
amounts include loans funded for both investment and for sale and
commercial real estate loans processed by Countrywide Bank. 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. Delinquencies as a percentage of
unpaid principal balance and numbers of loans serviced exclude loans
in foreclosure.
(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,
both of Countrywide Financial Corporation, +1-818-225-3550, or
media, 1-800-796-8448
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