A few analysts were worried when Countrywide Credit Industries said runoff from its servicing portfolio amounted to 50% at an annualized rate in October.

The figure dropped to 46% in November, though, and Sy Jacobs, an analyst at Alex. Brown & Sons, Baltimore, is expecting further improvement in coming months. "We are quite encouraged by the November data," he wrote in a recent report. "We had expected runoff to remain at record levels, and it began to fall."

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