In Brief: June Fundings by CCI Set a Monthly Record

Countrywide Credit Industries Inc., funded $7.5 billion of mortgage loans in June, a monthly record for the company. It also had $14.7 billion of loans being processed at June 30.

Countrywide said the former increase was driven by an 18% jump from May in fundings for purchase loans, to a record $3.9 billion. Countrywide's retail division had record monthly fundings of $2.4 billion. Refinancing volume accounted for 48% of total fundings but declined by $200 million from the previous month. In June 1997, refinancings comprised 24% of fundings.

Countrywide's servicing portfolio grew to nearly $196 billion in June, an 18% increase from a year earlier. The portfolio's weighted average coupon was 7.7%, down slightly from 7.8% in June 1997.

Fixed-rate loan production accounted for 95% of total production.

Countrywide funded $171 million of home equity loans, up from $102 million in June 1997. The company also funded $402 million of subprime loans, up from $104 million a year earlier.

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