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Countrywide Passes $1.2 Trillion Mark.(Countrywide Financial Corp.)(Brief article)

Mortgage Servicing News

| November 01, 2006 | COPYRIGHT 2006 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

CALABASAS, CA -- Countrywide Financial Corp.'s mortgage servicing portfolio totaled $1.2 trillion at the end of August, the company said in a monthly operational report.

That was an increase of 20%, or by $208 billion, from one year earlier, Countrywide said. Countrywide serviced nearly 7.9 million home loans in August. The company said its portfolio had a delinquency rate of 4.15%, up from 3.68% a year earlier.

The company also continued to report strong loan origination volume. Countrywide's loan fundings totaled $40 billion in August, 24% higher than in August of 2005. But despite the strong August volume, year-to-date funding volume remains shy of Countrywide's 2005 numbers. In the first eight months of the year, Countrywide produced $296 billion of loans, a drop of 4% from the volume posted in the same period last year.

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