Countrywide Financial (CFC) Announces June Operating Data
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Countrywide Financial (NYSE: CFC) released operational data for the month ended June 30, 2007.
Mortgage loan fundings for the month of June totaled $45 billion, an increase of 4 percent from June 2006.
Commercial real estate funding volume for the month of June was $814 million, up 75 percent from June 2006.
Average daily mortgage loan application activity for June 2007 was $3.1 billion, up 15 percent from June 2006. The mortgage loan pipeline was $69 billion at June 30, 2007 as compared to $65 billion at June 30, 2006.
The mortgage loan servicing portfolio continued to grow, reaching $1.4 trillion at June 30, 2007. This is an increase of $219 billion, or 18 percent, from June 30, 2006.
Banking Operations' assets were $90 billion at June 30, 2007, which compares to $84 billion at June 30, 2006.
Securities trading volume in the Capital Markets segment of $450 billion for June 2007 was 40 percent higher when compared to the samemonth last year.
Net earned premiums from the Insurance segment were $125 million, up 23 percent from June 2006.
"Market conditions became increasingly challenging throughout the second quarter of 2007," said David Sambol, President and Chief Operating Officer. "The housing market continues to soften, and delinquencies and defaults continue to rise. Additionally, interest rates, price competition in the residential lending markets and secondary market volatility have all increased. However, Countrywide's residential funding volume in June was strong, driven primarily by seasonal
Mortgage loan fundings for the month of June totaled $45 billion, an increase of 4 percent from June 2006.
Commercial real estate funding volume for the month of June was $814 million, up 75 percent from June 2006.
Average daily mortgage loan application activity for June 2007 was $3.1 billion, up 15 percent from June 2006. The mortgage loan pipeline was $69 billion at June 30, 2007 as compared to $65 billion at June 30, 2006.
The mortgage loan servicing portfolio continued to grow, reaching $1.4 trillion at June 30, 2007. This is an increase of $219 billion, or 18 percent, from June 30, 2006.
Banking Operations' assets were $90 billion at June 30, 2007, which compares to $84 billion at June 30, 2006.
Securities trading volume in the Capital Markets segment of $450 billion for June 2007 was 40 percent higher when compared to the samemonth last year.
Net earned premiums from the Insurance segment were $125 million, up 23 percent from June 2006.
"Market conditions became increasingly challenging throughout the second quarter of 2007," said David Sambol, President and Chief Operating Officer. "The housing market continues to soften, and delinquencies and defaults continue to rise. Additionally, interest rates, price competition in the residential lending markets and secondary market volatility have all increased. However, Countrywide's residential funding volume in June was strong, driven primarily by seasonal
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