PASADENA, Calif. - Countrywide Credit Industries Inc., which has grown to be the nation's leading mortgage lender, said it funded a record $2.6 billion in loans last month, more than triple the $814 million of July 1991.
Countrywide also said its servicing portfolio jumped to $38.3 billion, from $18.7 billion in July 1991. The company said it had $5.3 billion of loans-in-process July 31, compared with $4.4 billion June 30 and $1.3 billion at July 31, 1991.
"Lower mortgage rates have stimulated an already active refinance market, and purchase activity remained relatively steady during July," said David S. Loeb, chairman. "Our growing loan-origination operation is generating valuable low-coupon servicing, which forms a solid foundation for future earnings."