Fueled by lower rates, Countrywide Credit Industries Inc. reported solid gains in loan production in August.

Countrywide, the nation's second-largest originator of mortgages, funded $3.8 billion of mortgages last month, a 24% increase from August 1996.

Refinancings accounted for 33% of total loan production. Only 20% of August 1996's volume came from refinancings.

Countrywide's home-equity loan volume tripled, to $127 million, and subprime loan production increased more than 140%, to $153 million.

North American Mortgage Co., also posted a healthy increase in production.

The Santa Rosa, Calif., lender originated $1 billion of mortgages, a 36% increase from August 1996.

Dime Bancorp announced that it was acquiring North American in June. That deal is expected to close in the fourth quarter.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.