Countrywide Has Strong FirstQuarter

Register now

CALABASAS, Calif. - (04/27/05) -- Countrywide Financial Corp., thenation's largest mortgage lender, said first quarter earnings grew27% to $689 million, or $1.13 a share, based on strong loan growth.The company reported a 22% rise in revenues to $2.4 billion, whichinclude a 21% increase, or $92 billion, in loan production. As aresult, Countrywide's servicing portfolio grew to $893 billion atthe end of the first quarter. First quarter results were aided by aswing of $295 million in the market value of the company'sservicing rights--from a loss of $278 million for the first quarterlast year to a gain of $17 million this year. Countrywide is thenation's largest mortgage lender, by loans originated and by sizeof servicing portfolio, topping both Wells Fargo and Citibank,which are second and third.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER