PASADENA, Calif. - Country Credit Industries Inc. announced that its single-family mortgage servicing portfolio totaled $105 billion on Nov. 30, up 35% form he $78 billion 12 months earlier.
David S. Loeb, chairman, said that while the gain in November was largely attributable to production, Countrywide is continuing to seek bulk acquisitions to build its servicing portfolio. "The company currently has a pipeline of potential transactions and plans to remain active in bulks acquisitions as market conditions permit," he said.
"In the production segment, applications, fundings, and the pipeline remained relatively level due to our continuing adaptation to an evolving market," Mr. Loeb said.
"Home purchase loans amounted to 79% of total fundings for the month, versus 22% in November 1993," he said. "In addition, adjustable-rate loan volume was 49% of our total in November 1994, compared to just 16% in the same month of last year." But price competition is continuing to squeeze margins, he said, especially on adjustable-rate loans.