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.
The company said November closings were 61% higher than the $3.1 billion produced in November 1992. Its pipeline stood at $9.5 billion at the end of November, down slightly from $9.6 billion a month earlier.
During the month, the company received an average of $312 million of loan applications a day.
Countrywide said the rate of prepayments slowed slightly in November.
"The weighted average coupon of the servicing portfolio has declined to 7.3%, which should contribute to a continued slowing of prepayment activity in the portfolio," said Stanford L. Kurland, chief operating officer. He also said the growth of originations and the servicing portfolio "reflect the success of its geographic diversification strategy."
Adjustable-rate loans represented 16% of total production and refinancings 78%.