- First Quarter 2005 Mortgage Fundings Total $91 Billion -
- Mortgage Loan Pipeline Increases to $59 Billion -
- Servicing Portfolio Reaches $893 Billion -
- Total Assets at Countrywide Bank Surpass $50 Billion Mark -
CALABASAS, Calif., April 8 /PRNewswire-FirstCall/ -- Countrywide Financial
Corporation (NYSE: CFC) released operational data for the month ended March
31, 2005. Highlights included the following:
* Mortgage loan fundings rose by 35 percent over February to
$36 billion, helped in part by four more working days in March than in
February, and were 12 percent higher than March 2004, which had the
same number of working days. Total mortgage funding activity for the
first quarter of 2005 was $91 billion, 20 percent more than the first
quarter of 2004, but down 4 percent from the fourth quarter of 2004.
-- Monthly purchase volume of $17 billion rose 37 percent over the
prior month and was 26 percent more than March 2004. Quarter-to-
date purchase fundings reached $41 billion, an increase of 30
percent over the first quarter of 2004.
-- Adjustable-rate loan fundings of $19 billion were 38 percent more
than the prior month and 40 percent higher than March 2004.
Adjustable-rate fundings for the first quarter of 2005 totaled $49
billion, rising 45 percent over the first quarter of 2004.
-- Monthly home equity loan fundings were $3.4 billion, up 30 percent
compared to the prior month and 63 percent more than March 2004.
First quarter 2005 home equity volume of $8.8 billion rose 66
percent over the first quarter of 2004.
-- Nonprime loan volume was $3.4 billion, an increase of 29 percent
over the prior month and 22 percent more than March 2004.
Nonprime lending for the first quarter of 2005 totaled $9.8
billion, up 42 percent as compared to the first quarter of 2004.
* Average daily mortgage loan application activity for the month totaled
$2.4 billion, rising 1 percent from February, but down 4 percent from
March 2004. The mortgage loan pipeline rose by 7 percent over the
prior month to reach $59 billion and was up 2 percent from March 2004.
* The mortgage loan servicing portfolio reached $893 billion, an
increase of $211 billion, or 31 percent, over March 2004.
* Securities trading volume at Capital Markets reached $324 billion for
the month, increasing 26 percent over last month and 17 percent from
March 2004. This brought first quarter 2005 securities trading volume
to $829 billion, up 20 percent from the first quarter of 2004.
* Total assets at Countrywide Bank reached $51 billion, advancing
11 percent over last month and more than doubling from the level at
March 2004.
* Monthly net earned premiums at Balboa were $66 million, an increase of
4 percent from last month and 6 percent more than March 2004. Net
earned premiums for the first quarter of 2005 reached $200 million, up
2 percent over the first quarter of 2004.
* Subservicing volume at Global Home Loans was $115 billion, up
4 percent from March 2004.
"Mortgage Banking efforts were driven by solid performance from the
Production Sector in all major product categories," said Stanford L. Kurland,
President and Chief Operating Officer. "A strong mortgage loan pipeline at
quarter-end suggests continued momentum in production activities as we head
into the second quarter of 2005. Production volume, coupled with bulk
servicing acquisitions, drove the servicing portfolio to nearly $900 billion
at quarter-end. Growth in diversification initiatives was led by Countrywide
Bank, whose assets climbed to $51 billion, up 25 percent over year-end 2004.
For the quarter, securities trading volume in the Capital Markets segment was
9 percent more than the fourth quarter of 2004, driven in part by growth in US
Treasury trading activity. Overall, the infrastructure of our Mortgage
Banking and Diversified Businesses, focused leadership by senior management,
and an experienced workforce favorably position the Company in the
marketplace."
Founded in 1969, Countrywide Financial Corporation is a member of the S&P
500, Forbes 2000 and Fortune 500. Through its family of companies,
Countrywide provides mortgage banking and diversified financial services.
Mortgage banking businesses include loan production and loan servicing
principally through Countrywide Home Loans, Inc., which originates, purchases,
securitizes, sells, and services prime and nonprime loans. Also included in
Countrywide's mortgage banking segment is the LandSafe group of companies
which provide loan closing services. Diversified financial services encompass
banking, capital markets, insurance, and global operations, largely through
the activities of Countrywide Bank, a division of Treasury Bank, N.A., a bank
offering depository and home loan products; Countrywide Capital Markets, a
mortgage-related investment banker; Balboa Life and Casualty Group, whose
companies are national providers of property, life and casualty insurance;
Balboa Reinsurance, a captive mortgage reinsurance company; and Global Home
Loans, a U.K. mortgage banking joint venture in which Countrywide holds a
majority interest. 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;
general economic conditions in the United States and abroad; loss of
investment grade rating 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; the legal, regulatory and legislative environments in the markets
in which the Company operates; and other risks detailed 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)
Year-to-
Month Ended Date
March 31, March 31, March 31,
2005 2004 2005
LOAN PRODUCTION
Number of Working Days in the Period 23 23 61
Average Daily Mortgage Loan
Applications $2,362 $2,455 $2,273
Mortgage Loan Pipeline (loans-in-
process) $58,803 $57,422
Commercial Real Estate Loan Pipeline
(loans-in-process) $393 $--
Loan Fundings:
Consumer Markets Division $11,418 $9,522 $28,085
Wholesale Lending Division 6,802 6,993 17,357
Correspondent Lending Division 13,405 12,029 33,307
Total Mortgage Banking 31,625 28,544 78,749
Capital Markets 950 1,265 4,190
Treasury Bank (2) 3,734 2,502 8,521
Total Mortgage Loan Fundings 36,309 32,311 91,460
Commercial Real Estate Fundings 91 -- 564
Total Loan Fundings $36,400 $32,311 $92,024
Loan Fundings in Units:
Consumer Markets Division 69,690 68,664 180,334
Wholesale Lending Division 35,407 39,820 90,058
Correspondent Lending Division 68,324 67,815 177,013
Total Mortgage Banking 173,421 176,299 447,405
Capital Markets 3,774 5,114 18,029
Treasury Bank (2) 33,006 23,351 72,879
Total Mortgage Loan Fundings
in Units 210,201 204,764 538,313
Commercial Real Estate Units 9 -- 26
Total Loan Fundings in Units 210,210 204,764 538,339
Mortgage Loan Fundings:
Purchase (3) $16,502 $13,127 $41,220
Non-purchase (3) 19,807 19,184 50,240
Total Mortgage Loan Fundings $36,309 $32,311 $91,460
Mortgage Loan Fundings by Product:
Government Fundings $796 $1,530 $2,137
ARM Fundings $19,484 $13,872 $48,645
Home Equity Fundings $3,413 $2,088 $8,763
Nonprime Fundings $3,364 $2,759 $9,820
MORTGAGE LOAN SERVICING(4)
Volume $893,405 $682,848
Units 6,517,536 5,313,058
Subservicing Volume (5) $21,208 $15,307
Subservicing Units 207,380 166,514
Prepayments in Full $20,809 $18,317 $45,007
Bulk Servicing Acquisitions $5,320 $2,349 $17,931
Portfolio Delinquency (%) - CHL (6) 3.31% 3.20%
Foreclosures Pending (%) - CHL (6) 0.43% 0.42%
LOAN CLOSING SERVICES (units)
Credit Reports 872,342 738,113 2,263,824
Flood Determinations 296,382 267,378 790,630
Appraisals 97,743 69,074 242,493
Automated Property Valuation
Services 655,246 439,015 1,659,994
Other 18,862 16,379 50,226
Total Units 1,940,575 1,529,959 5,007,167
CAPITAL MARKETS
Securities Trading Volume (7) $324,100 $276,738 $828,621
BANKING
Assets Held by Treasury Bank (in
billions) $51.1 $23.7
INSURANCE
Net Premiums Earned:
Carrier $52.0 $50.4 $155.8
Reinsurance 14.4 12.4 43.7
Total Net Premiums Earned $66.4 $62.8 $199.5
GLOBAL OPERATIONS
Global Home Loans Subservicing
Volume (in billions) $115 $111
Period-end Rates
10-Year U.S. Treasury Yield 4.50% 3.86%
FNMA 30-Year Fixed Rate MBS Coupon 5.48% 4.94%
(1) The above 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) Treasury Bank funds loans for investment purposes; these loans are
processed for Treasury Bank by the production divisions.
(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 under subservicing agreements for others.
(5) Subservicing volume for other clients.
(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 Division.
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SOURCE Countrywide Financial Corporation
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Related links:
http://www.countrywide.com
CONTACT:
Media, +1-800-796-8448, or Investors, David
Bigelow, or Lisa Riordan, both of Countrywide Financial
Corporation, +1-818-225-3550
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