Countrywide Credit Industries said it funded $6.8 billion of mortgages in April, slightly below March's $6.9 billion.

Refinancings accounted for 57% of total fundings in April, down from 61% in March. The company said its pipeline of loans in process totaled $14.9 billion at the end of April.

Countrywide's retail division had $2 billion in fundings in April. The retail and broker channels combined accounted for 66% of total volume, up from 53% in April 1997.

The electronic commerce division, which lets borrowers obtain home loans through the company's Web site, funded $24 million of loans and received $64 million in applications. The company also funded $158 million of home equity loans in April and $168 of subprime loans.

Countrywide said its servicing portfolio reached $188 billion at the end of April, maintaining a stable growth trend.

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