CALABASAS, Calif., Dec. 13 /PRNewswire-FirstCall/ -- Countrywide
Financial Corporation (NYSE: CFC) released operational data for the month
ended November 30, 2007. Key operational results included the following:
-- Mortgage loan fundings for the month of November 2007 totaled
$23 billion, a 40 percent decline from November 2006.
-- Average daily mortgage loan application activity for November 2007 was
$1.9 billion, a 32 percent decrease from November 2006. The mortgage
loan pipeline was $43 billion at November 30, 2007, as compared to
$62 billion for the same period last year.
-- The mortgage loan servicing portfolio continued to grow, reaching
$1.47 trillion at November 30, 2007. This is an increase of
$193 billion, or 15 percent, from November 30, 2006.
-- Banking Operations' assets were $109 billion at November 30, 2007,
which compares to $82 billion at November 30, 2006.
-- Securities trading volume in the Capital Markets segment of
$294 billion for November 2007 was 10 percent lower when compared with
the same month last year.
-- Net earned premiums from the Insurance segment were $147 million in
November 2007, up 47 percent from November 2006.
"November's operating results reflect the trends of today's mortgage
market," said David Sambol, President and Chief Operating Officer. "Our
total mortgage loan fundings were up 5 percent from the prior month, while
average daily applications and the mortgage pipeline were up 6 percent and
4 percent, respectively, from October levels. Origination mix continues to
shift as third-party originated fundings as a percent of total mortgage
loan fundings have decreased year-over-year and retail fundings as a
percent of total have increased. In addition, government fundings
represented 10 percent of total mortgage loan fundings in November 2007
versus 3 percent in November 2006."
"Retail deposits at Countrywide Bank continued to grow during the
month, and totaled $31 billion at the end of November, up from $29 billion
last month and $24 billion at the end of November 2006," Sambol continued.
"Our plan to have nearly 200 financial centers open by year-end is on track
with 170 up and running at the end of November."
"Countrywide is pleased with the Bush administration's endorsement of
the industry's HOPE NOW initiative," Sambol concluded. "As a founding
member and strong advocate of the HOPE NOW Alliance, we commend all those
involved for seeking ways to work together on a solution to assist
borrowers facing challenges in today's marketplace. This initiative aligns
with Countrywide's own $16 billion home preservation plan announced in
October."
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.
COUNTRYWIDE FINANCIAL CORPORATION AND SUBSIDIARIES
OPERATING STATISTICS (1)
(Dollars in millions)
Month Ended Year-to-Date
November 30 November 30 November 30 November 30
2007 2006 2007 2006
LOAN PRODUCTION
Number of Working
Days in the Period 21 21 233 232
Average Daily Mortgage
Loan Applications $1,851 $2,729 $2,591 $2,635
Mortgage Loan Pipeline
(loans-in-process) $42,580 $62,004
Commercial Real Estate
Loan Pipeline
(loans-in-process) $639 $2,232
Loan Fundings (2):
Retail Lending $9,465 $12,809 $135,084 $141,830
Wholesale Lending 3,063 6,650 67,191 87,756
Correspondent Lending 9,852 17,764 173,098 166,961
Capital Markets
Purchases 5 565 4,977 16,083
Banking Operations
Purchases (2) 742 490 4,498 8,141
Total Mortgage
Loan Fundings 23,127 38,278 384,848 420,771
Commercial
Real Estate Lending 121 863 7,240 4,578
Total Loan
Fundings $23,248 $39,141 $392,088 $425,349
Total Bank Loan
Fundings (3) $21,171 $15,725 $208,912 $114,028
Loan Fundings in
Units (2):
Retail Lending 53,072 75,501 792,870 903,381
Wholesale Lending 14,992 32,856 327,355 428,066
Correspondent Lending 47,440 87,847 868,002 836,984
Capital Markets
Purchases 10 2,198 15,736 61,903
Banking Operations
Purchases (2) 9,917 1,527 47,514 63,618
Total Mortgage
Loan Fundings 125,431 199,929 2,051,477 2,293,952
Commercial
Real Estate Lending 36 70 1,042 533
Total Loan
Fundings 125,467 199,999 2,052,519 2,294,485
Total Bank
Loan Fundings (3) 116,590 87,298 1,205,867 750,665
Mortgage Loan
Fundings (2)(4):
Purchase $9,732 $15,960 $162,990 $191,174
Non-purchase 13,395 22,318 221,858 229,597
Total Mortgage
Loan Fundings $23,127 $38,278 $384,848 $420,771
Mortgage Loan Fundings
by Product (2):
Government Fundings $2,406 $1,176 $19,910 $11,853
ARM Fundings $3,326 $14,303 $105,554 $195,680
Home Equity Fundings $1,903 $3,219 $33,135 $44,605
Nonprime Fundings $17 $3,058 $16,987 $36,857
MORTGAGE LOAN
SERVICING (5)
Volume $1,470,845 $1,278,101
Units 9,021,138 8,110,072
Subservicing
Volume (6) $24,670 $18,692
Subservicing Units 229,073 183,359
Prepayments in Full $11,635 $19,455 $184,653 $195,486
Bulk Servicing
Acquisitions $21 $2,164 $21,719 $9,192
Servicing Portfolio
Performance - CHL (7)
Delinquency as a
percentage of:
unpaid principal
balance 6.52% 4.15%
number of loans
serviced 6.34% 4.57%
Foreclosures Pending
as a percentage of:
unpaid principal
balance 1.28% 0.62%
number of loans
serviced 0.94% 0.60%
LOAN CLOSING
SERVICES (units)
Credit Reports 694,475 744,719 10,195,727 9,292,633
Flood Determinations 181,432 292,759 3,016,726 3,116,577
Appraisals 147,374 110,071 1,462,078 1,168,289
Automated Property
Valuation Services 883,978 902,351 14,361,075 7,645,711
Other 28,462 20,595 309,660 192,462
Total Units 1,935,721 2,070,495 29,345,266 21,415,672
CAPITAL MARKETS
Securities Trading
Volume (8) $293,597 $325,784 $3,718,167 $3,471,175
BANKING
Banking Operations
Assets (in billions) $109 $82
INSURANCE
Net Premiums Earned:
Carrier $117.5 $80.0 $ 1,099.8 $862.2
Reinsurance 29.2 20.1 259.5 203.2
Total Net
Premiums Earned $146.7 $100.1 $ 1,359.3 $ 1,065.4
Period-end Rates
10-Year U.S.
Treasury Yield 3.97% 4.46%
FNMA 30-Year Fixed
Rate MBS Coupon 5.39% 5.57%
(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 of
Countrywide Financial Corporation, +1-818-225-3550, or Media,
1-800-796-8448
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