Countrywide Has Strong FirstQuarter
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.