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'Spread' Key to CFC's Growth.
Countrywide Financial Corp. executives filled in more details about their ambitious five-year growth plan last week, telling investors that the company can more than double its earnings.
But growing its mortgage banking market share is only part of Countrywide's equation for achieving that goal. The company also plans to earn more "spread" income from loans that are held in portfolio as the market moves from a refinancing boom to a more "normal" lending environment.
"There is a portion of earnings that moves from gain-on-sale in the mortgage banking sector to spread income in the banking sector," said Stanford Kurland, president and CEO of Countrywide, during an investors conference here last week. The conference was broadcast over the Internet.
As a result, Countrywide foresees dramatic growth in its bank subsidiary. Countrywide, at the parent level, had $98 billion in assets last year. By 2008, the company plans to have a $250 billion balance sheet.
Its bank subsidiary had $19.4 billion in assets last year. Countrywide sees that growing sixfold to $120 billion by 2008.
But traditional mortgage banking, loan origination and servicing, is hardly being overlooked in Countrywide's plans. The company plans to increase its loan origination market share to 30% by 2008, making it the largest ...
- Countrywide Credit Industries, Inc. Announces European Mortgage Banking Joint...
- Press release article from: PR Newswire February 17, 1999 700+ words
...Feb. 17 /PRNewswire/ -- Countrywide Credit Industries, Inc...intent to form a European mortgage banking joint venture with Woolwich...throughout the European Union. Countrywide and Woolwich will each own...owned by the joint venture. Countrywide, one of the most efficient...
- Countrywide Credit Industries, Inc. and Woolwich, plc Sign Definitive Agreement...
- Press release article from: PR Newswire May 12, 1999 700+ words
...historic alliance between Countrywide and Woolwich," said Angelo...chief executive officer of Countrywide. "Countrywide, which has long been known...and our vision of global mortgage banking. Together, we have taken...
- Washington Mutual and Countrywide Financial are two of the large firms involved...
- Press release article from: M2 Presswire May 5, 2006 700+ words
...Mutual and Countrywide Financial are...involved in the US mortgage banking industry...addition of Mortgage Banking - Industry...Chapter: The US mortgage banking industry includes...Washington Mutual, Countrywide Financial...
- Research and Markets: Washington Mutual and Countrywide Financial are Two of...
- Press release article from: Business Wire May 8, 2006 700+ words
...announced the addition of Mortgage Banking - Industry Profile...Overview Chapter: The US mortgage banking industry includes...Washington Mutual, Countrywide Financial, and units...Washington Mutual --Countrywide Financial --Wells...
- Four home lenders set records. (Countrywide Funding Corp., Prudential Home...
- Magazine article from: American Banker Roosevelt, Phil January 8, 1993 700+ words
...refinancings. Four giant home lenders -- Countrywide Funding Corp., Prudential Home Mortgage...according to an American Banker survey. Countrywide, the industry leader since midyear...director of production for the unit of Countrywide Credit Industries. With low interest...
- Even to an industry star the outlook is somber.(mortgage business and Angelo R....
- Magazine article from: American Banker Kulkosky, Edward March 5, 1997 700+ words
...relief. Angelo R. Mozilo, president and chief executive of Countrywide Home Loans, Pasadena, Calif., was one of the stars of...exists to some extent, especially on the servicing side. The Countrywide executive's starring weekend was capped by the airing on...
- Who's who in wholesale 2003: in this annual feature in mortgage banking, we...
- Magazine article from: Mortgage Banking LaMalfa, Tom June 1, 2004 700+ words
...example, released 2,500 employees in fourth-quarter 2003. Countrywide Financial Corporation, Calabasas, California, let hundreds...went directly to the bank. In other instances, such as Countrywide, where there is a central clearinghouse for all the subsidiaries...
- Refinancing fed residential mortgage banking's boom. (commercial mortgage...
- Magazine article from: San Diego Business Journal Youmans, Sabrina November 9, 1992 700+ words
...year for commercial mortgage banking because you can...went unreturned. Countrywide Debuts at No. 1 It...fueling the residential mortgage banking activity, but rather...rate loans, said Countrywide Funding Corp.'s...
