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Countrywide Close on Wells' Heels.(Wells Fargo & Co.)(Brief article)
CALABASAS, CA -- Wells Fargo leapfrogged to the top of the servicing charts with its purchase of servicing rights on $140 billion of home loans from Washington Mutual, but Countrywide isn't far behind, according to the company's July operational data.
Countrywide, which has largely eschewed MSR purchases in favor of organic growth, serviced $1.2 trillion (or 7,813,034 home loans) at the end of July, an increase of 22% from July 2005. That includes $22 billion of subservicing volume.
Countrywide said the delinquency rate on its servicing portfolio was 4.11% at the end of July, up from 3.86% a year earlier. Pending foreclosures also rose from one year earlier.
The servicing portfolio was $14 billion larger than it had been one month earlier and $220 billion larger than a year earlier.
By contrast, ...
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Source: HighBeam Research, Countrywide Close on Wells' Heels.(Wells Fargo & Co.)(Brief...