Countrywide Credit Industries said its originations $3.7 billion of home loans in May, 45% more than a year earlier.

Pasadena-based Countrywide also said its pipeline of loans in process totaled $5.2 billion as of May 31, up 22%

"Loan production for the first fiscal quarter of $11 billion was the highest total since the end of the refinance boom," said Angelo R. Mozilo, vice chairman. "Recent funding activity reflects a transition from heavy refinances to strong home purchase loans, which are seasonally higher despite rising interest rates. Purchase mortgage fundings of $2.5 billion in May represent an all-time company record."

The company also said its servicing portfolio climbed to more than $143 billion in the month, including bulk acquisitions of $1 billion.

Mr. Mozilo said prepayments slowed in the month and delinquencies also abated.

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