CALABASAS, Calif. - Countrywide Credit Industries said it funded $5.065 billion of mortgages in July, down 17% from the same month last year.

The nation's largest independent mortgage bank had $8.9 billion in the pipeline at the end of the month, off 31% from a year earlier.

However, the volume of loans funded through Countrywide's e-commerce channel in July jumped 33%, to $1.4 billion. And its servicing portfolio at the end of the month stood at $267 billion, up 15%.

Countrywide's ancillary businesses are also growing. In its capital markets business securities trading volume was $50.2 billion in June, up 55% from a year earlier.

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