Countrywide Credit Industries announced Wednesday that it funded $7.8 billion of mortgage loans in June and its pipeline of loans totaled $13.3 billion as of June 30. The company funded $7 billion in May.

Stanford L. Kurland, chief operating officer, said the key driver was purchase mortgages, which reached a company record of $5.1 billion for the month. Purchase mortgage fundings were $3.9 billion in June 1998 and $2.5 billion in June 1997, he said.

Home equity fundings set a monthly record of $434 million, 154% higher than last year.

Subprime loan fundings were $337 million in June. Countrywide's retail unit, Full Spectrum Lending, funded $131 million.

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