CALABASAS, Calif. Countrywide Credit Industries Inc. on Monday reported that it funded $9.6 billion of loans in March, the best one-month tally in its 32-year history.
Refinance activity was $5.4 billion, or 57% of total volume, a fivefold increase from March 2000. Home purchase activity rose 2%, to $4.1 billion.
March was a landmark month for Countrywide, chief operating officer Stanford L. Kurland said in a prepared statement. Countrywide seized the opportunity presented by the current refinance boom, achieving three new milestones.
Countrywides average daily applications were $734 million, surpassing the record set in February by 10%.
That pushed our pipeline of loans in process to $18.3 billion, which is also a new record and a 104% increase over the same date last year, Mr. Kurland said.