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Countrywide Sees 'Fantastic' Year Despite Risk of Portfolio Run-Off.(Countrywide Home Loans Inc.)(Brief Article)(Statistical Data Included)
This past summer, refinancing volume at Countrywide Home Loans here hit an all- time low of just 7% of total originations.
"It was the lowest refi rate we've ever seen at the company," said Countrywide chairman Angelo Mozilo in a recent interview. Countrywide has been in business for 32 years.
But luckily for Countrywide and other residential lenders, refinancings are poised to make a huge comeback in 2001.
"I think 2001 is going to be a fantastic year for us," Mr. Mozilo said. "I think rates are going to stay low."
In December, refinancing applications reached 43% of total applications being filed at Countrywide - a tremendous improvement from the 7% refi rate of this past summer.
Other lenders are reporting strong refi activity as well. The Mortgage Bankers Association says refi applications now account for 44% of all applications being filed by consumers.
Of course, mortgage banking is a two-edged sword. With rates on conventional loans hovering just above 7% - compared to 8.5% in June - the likelihood that residential servicing rights could rapidly ...
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Source: HighBeam Research, Countrywide Sees 'Fantastic' Year Despite Risk of Portfolio...