In the year ended Feb. 28, 1991, Countrywide Credit Industries, Pasadena, Calif, produced $4.6 billion in home loans. Last month alone, it produced $5 billion.
The company has been flirting with the $5 billion mark for months. Its pipeline of loans being processed reached $9 billion this summer. With closings in any month usually representing 50% to 55% of its pipeline, the $5 billion mark seemed imminent but had proved elusive, possibly because of a heavy back-office load.