Countrywide Credit Industries, the nation's second-largest mortgage lender, reported Tuesday that profits in its first quarter rose 15%, to $70 million.

Loan production for the quarter decreased 15%, to $9.4 billion, while the company's servicing portfolio, at $163 billion, was 14% larger than the year before.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.