Countrywide Credit says servicing hit $104 billion, a 37% increase.

PASADENA, Calif. Countrywide Credit Industries said its single-family mortgage servicing portfolio had reached $104 billion as of Oct. 31, a 37% gain over the $76 billion a year earlier.

The company also announced that Angelo R. Mozilo, vice chairman and co-founder, would become chairman of Countrywide Funding Corp., CCI's principal subsidiary. He is already president and chief executive. The chairman of the unit had been David S. Loeb, who is also chairman of the parent company.

Mr. Loeb said production for October was strong, with daily average applications up 10% from the September level. "The pipeline [of loans being processed] grew 9% and totaled $4.3 billion at the end of October."

"Our principal objective m production continues to be increasing market share in. the home purchase loan market, Loan fundings for home purchases amounted to $1.75 billion in October, an all-time record for the company."

Prepayments in the servicing portfolio totaled $495 million in October, compared with $544 million in September. Growth for the month amounted to $2.7 billion.

"Our servicing goal remains to grow the portfolio through current 'production and bulk acquisitions," said Mr. Loeb.

Turning to Mr. Mozilo's new responsibilities, Mr. Loeb said, "Countrywide" Funding is emphasizing greater direct connectivity with the consumer in the loan orgination process," Mr. Loeb said. "As we continue to redefine our production strategies and build for the future. Angelo will focus his experience and leadership on furthering this process."

Gerald Baker, Countrywide's marketing chief, announced Tuesday that he would be leaving to become chairman and chief executive of Fleet Mortgage Group. Mr. Loeb said he wanted to get the message across that Countrywide would not be reducing its emphasis on retail production. "In fact, we are interested in doing even more on the retail side."

The company said it funded $2.2 billion of residential home mortgages in October, including $978 million at adjustable rates. Loans to buy homes reached $1.75 billion, up from $1.65 billion in September 1994 and another company record. Refinances represented 20% of total fundings.

The news about Mr. Mozilo was tucked into a release on monthly loan production.

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