Countrywide (CFC) Reports December Numbers

Banking, finance, and taxes

Published: January 9, 2008 6:55 am

According to the Countrywide (CFC) "Our fourth quarter ended with a number of positive operational trends," said David Sambol, President and Chief Operating Officer. "Total loan fundings were $24 billion for the month of December, up slightly from November 2007 and ahead of our forecasts. This pushed our fourth quarter fundings to $69 billion, also exceeding our expectations. Although average daily mortgage loan applications and the pipeline of mortgage loans-in-process decreased from November, this reflected a seasonal decline typically seen this time of year.

"Our mortgage loan servicing portfolio is approaching $1.5 trillion, representing approximately 9 million loans," Sambol continued. "Prepayment speeds continued to decline throughout the quarter, which has enhanced the economic value of our mortgage servicing rights asset.

Douglas A. McIntyre

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