Countrywide Credit Industries Inc. announced Thursday that it funded $7.5 billion of mortgage loans in February. Its pipeline of loans in process totaled $14.6 billion on Feb. 28.

The company also reported that average daily applications increased to $587 million, the highest level in four months, with purchase loans making up 54%.

In the company's fiscal year, which ended last month, fundings totaled $93 billion, beating the 1994 record of $52 billion.

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