Countrywide Credit Industries Inc said it funded $4.1 billion of mortgage loans in October and had a pipeline of $8.8 billion of loan applications in progress at month's end.

The mortgage bank's loan production was off 51% from October 1998, when a refinancing boom drove volume higher. In its monthly release, the company contrasted its performance this year to that of 1994, the last time a refinancing bust hurt the industry; it said a diversification of its business is helping it weather the storm better this time.

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