CALABASAS, Calif. - Countrywide Credit Industries Inc. said Wednesday that its July volume totaled $10.5 billion - slightly below June's $11.4 billion record but up 106% from a year earlier.

July was the fourth consecutive month that Countrywide's mortgage fundings topped $10 billion, as well as the company's third-highest month ever.

Refinancing made up 51% of fundings. Daily applications averaged $689 million, up 96% from last year, and the pipeline of loans in process totaled $18 billion, more than twice the year-earlier figure though down from June's.

"Countryside's July performance indicates strong positive trends for our core business of mortgage origination and servicing," said chief operating officer Stanford L. Kurland in a prepared statement. "We continue to view this environment as extremely favorable and believe it presents tremendous opportunities."

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