Countrywide Credit Industries Inc., said it funded $8.1 billion of mortgage loans in July 1998 and that its servicing portfolio surpassed $198 billion at the end of the month.
"Performance in July was highlighted by fundings of $8.1 billion, an all-time company record," said Stanford L. Kurland, chief operating officer.
Countrywide's fixed-rate loan production amounted to $7.7 billion, or 94% of total production, in July 1998 versus $2.4 billion, or 69% of total production, in July 1997.
Mortgages for home purchases totaled $4.2 billion in July 1998, up from $2.5 billion in July 1997. Refinances represented 49% of total fundings in July 1998, up from 27% in July 1997.
Fundings exceeded prepayments by $3.7 billion, the widest margin in company history, Mr. Kurland said.
Home equity loan funding grew to $263 million, from $148 million in July 1997.