It's beginning to look as if the current mortgage refinancing boom will outstrip the surge that lifted the mortgage industry to record lending volume in 1993.

Countrywide Credit Industries Inc., the second-largest mortgage originator, reported this week that its pipeline of mortgages in process was a staggering $11.8 billion at Jan. 31, up from $4.4 billion a year earlier and $7.6 billion at Dec. 31. Refinancings comprised nearly two- thirds of the pipeline, double their normal share.

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.