Countrywide Credit Industries Inc., funded $7.5 billion of mortgage loans in June, a monthly record for the company. It also had $14.7 billion of loans being processed at June 30.
Countrywide said the former increase was driven by an 18% jump from May in fundings for purchase loans, to a record $3.9 billion. Countrywide's retail division had record monthly fundings of $2.4 billion. Refinancing volume accounted for 48% of total fundings but declined by $200 million from the previous month. In June 1997, refinancings comprised 24% of fundings.