CALABASAS, Calif., Dec. 12 /PRNewswire-FirstCall/ -- Countrywide
Financial Corporation (NYSE: CFC) released operational data for the month
ended November 30, 2006. Key operational results included the following:
* Mortgage loan fundings for November totaled $38 billion, a decline of
11 percent from November 2005. Compared to October 2006, mortgage
loan fundings were down 8 percent, however, on an average daily basis,
they were down 4 percent.
-- Monthly purchase volume of $16 billion was 18 percent lower than
November 2005. Home equity loan fundings of $3.2 billion fell
13 percent from the prior year period, and nonprime loan fundings
were $3.1 billion, which compares to $3.9 billion in
November 2005.
-- On a consolidated basis, Countrywide funded $3.2 billion in
pay-option loans during the month as compared to $7.9 billion in
November 2005. Year-to-date pay-option fundings were $62 billion
as compared to $87 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 November was
$2.7 billion, up 2 percent from November 2005. The mortgage loan
pipeline was $62 billion at November 30, 2006 as compared to
$69 billion at November 30, 2005.
* The mortgage loan servicing portfolio continued to grow, reaching
$1.3 trillion at November 30, 2006. This is an increase of
$186 billion, or 17 percent, from November 30, 2005.
* Banking Operations' assets were $82 billion at November 30, 2006, an
increase of 14 percent from November 30, 2005.
* Securities trading volume in the Capital Markets segment totaled
$326 billion for November 2006, rising 6 percent as compared to
November 2005.
* Net earned premiums from the Insurance segment totaled $100 million,
up 11 percent from November 2005.
"November 2006 operational results continued to reflect transitional
market conditions," said Angelo R. Mozilo, Chairman and Chief Executive
Officer. "Total mortgage loan fundings declined modestly from the prior
month. Purchase volume fell as a result of continued softness in the
housing market, as well as seasonality. Refinance activity declined as
well, but falling long-term interest rates during November resulted in an
increase in average daily application volume and an ending mortgage loan
pipeline of $62 billion, indicative of strong funding volume for the
remainder of the year. Our servicing portfolio continued its uninterrupted
climb, reaching $1.3 trillion at the end of November.
"Year-to-date operational results were positive across our other
business lines and are on pace to exceed 2005 full-year results. Banking
Operations' assets were $82 billion, Capital Markets securities trading
volume rose to $3.5 trillion and net premiums earned from our Insurance
segment reached a record $1 billion."
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
November 30, November 30, November 30, November 30,
2006 2005 2006 2005
LOAN PRODUCTION
Number of Working
Days in the Period 21 21 232 231
Average Daily
Mortgage Loan
Applications $2,729 $2,667 $2,635 $2,721
Mortgage Loan
Pipeline
(loans-in-process) $62,004 $68,773
Commercial Real
Estate Loan Pipeline
(loans-in-process) $408 $441
Loan Fundings:
Consumer Markets
Division $12,809 $13,656 $141,830 $141,973
Wholesale Lending
Division 6,650 8,171 87,756 94,496
Correspondent
Lending Division 17,764 19,227 166,961 193,842
Capital Markets 565 1,190 16,083 16,522
Total Mortgage
Loan Fundings 37,788 42,244 412,630 446,833
Commercial Real
Estate Fundings 863 647 4,578 3,563
Total Loan
Fundings $38,651 $42,891 $417,208 $450,396
Bank Mortgage Loan
Fundings (2) $15,235 $3,335 $105,887 $45,606
Loan Fundings in Units:
Consumer Markets
Division 75,501 86,972 903,381 925,987
Wholesale Lending
Division 32,856 39,158 428,066 467,373
Correspondent
Lending Division 87,847 93,705 836,984 988,680
Capital Markets 2,198 4,588 61,903 64,578
Total Mortgage Loan
Fundings in
Units 198,402 224,423 2,230,334 2,446,618
Commercial Real Estate 70 35 533 230
Total Loan Fundings
in Units 198,472 224,458 2,230,867 2,446,848
Bank Mortgage Loan
Units (2) 85,771 30,038 687,047 382,202
Mortgage Loan
Fundings: (3)
Purchase $15,832 $19,409 $189,114 $211,049
Non-purchase 21,956 22,835 223,516 235,784
Total Mortgage
Loan Fundings $37,788 $42,244 $412,630 $446,833
Mortgage Loan
Fundings by Product:
Government
Fundings $1,176 $886 $11,853 $9,822
ARM Fundings $13,817 $21,052 $188,059 $234,615
Home Equity
Fundings $3,219 $3,714 $42,019 $38,686
Nonprime Fundings $3,058 $3,899 $36,857 $40,232
MORTGAGE LOAN
SERVICING (4)
Volume $1,278,101 $1,092,104
Units 8,110,072 7,379,806
Subservicing
Volume (5) $18,692 $32,265
Subservicing Units 183,359 268,954
Prepayments in Full $19,455 $19,125 $195,486 $209,961
Bulk Servicing
Acquisitions $2,164 $997 $9,192 $49,691
Portfolio
Delinquency -
CHL (6) 4.57% 4.58%
Foreclosures
Pending - CHL (6) 0.60% 0.43%
LOAN CLOSING
SERVICES (units)
Credit Reports 744,719 764,650 9,292,633 8,946,367
Flood
Determinations 292,759 301,893 3,116,577 3,281,289
Appraisals 110,071 105,296 1,168,289 1,106,250
Automated Property
Valuation
Services 902,351 618,304 7,645,711 6,953,107
Other 20,595 15,626 192,462 167,776
Total Units 2,070,495 1,805,769 21,415,672 20,454,789
CAPITAL MARKETS
Securities Trading
Volume (7) $325,784 $307,234 $3,471,175 $3,265,446
BANKING
Banking Operations
Assets (in billions) $82 $72
INSURANCE
Net Premiums Earned:
Carrier $80.0 $72.9 $862.2 $667.3
Reinsurance 20.1 17.0 203.2 164.2
Total Net Premiums
Earned $100.1 $89.9 $1,065.4 $831.5
Period-end Rates
10-Year U.S. Treasury
Yield 4.46% 4.49%
FNMA 30-Year Fixed
Rate MBS Coupon 5.57% 5.85%
(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
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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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