Sharp increases in home equity and refinancing applications helped Countrywide Credit Industries fund $3.5 billion of mortgage loans in July, up from $3 billion a year earlier.

The company's pipeline of loans stood at $5.7 billion at July 31, up 28% from the same point last year. And average daily applications grew 38%, to their highest level in more than a year, Countrywide said.

"New loan-product diversification efforts remained prominent as subprime and home equity loan fundings both established company records in July," said Angelo R. Mozilo, Countrywide's vice chairman.

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