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CALABASAS, Calif., Jan. 9 /PRNewswire-FirstCall/ -- Countrywide Financial Corporation (NYSE: CFC) released operational data for the month ended December 31, 2007.
"Our fourth quarter ended with a number of positive operational trends," said David Sambol, President and Chief Operating Officer. "Total loan fundings were $24 billion for the month of December, up slightly from November 2007 and ahead of our forecasts. This pushed our fourth quarter fundings to $69 billion, also exceeding our expectations. Although average daily mortgage loan applications and the pipeline of mortgage loans-in-process decreased from November, this reflected a seasonal decline typically seen this time of year.
"Our mortgage loan servicing portfolio is approaching $1.5 trillion, representing approximately 9 million loans," Sambol continued. "Prepayment speeds continued to decline throughout the quarter, which has enhanced the economic value of our mortgage servicing rights asset.
"Banking Operations' assets were $113 billion at December 31, 2007, with total deposits reaching $61 billion at the end of December. Retail deposits alone increased $2.3 billion during the month and $7.7 billion for the quarter to $33 billion. The Bank continued to make progress in opening its Financial Centers during the month, with 194 in operation at year-end. Our Insurance segment also produced solid operating results, with continued growth and net premiums earned reaching a record $1.5 billion for 2007.
"Management is pleased with the progress we have made in positioning the Company to navigate the current challenging environment," Sambol concluded.
A summary of the Company's key operating statistics is included below: -- Total loan fundings for the month of December 2007 were $24 billion, up one percent from November 2007.
-- Average daily mortgage loan application activity for December 2007 was $1.5 billion, which compares to $1.9 billion for November 2007. The mortgage loan pipeline was $35 billion at December 31, 2007, as compared to $43 billion for November 2007. -- The mortgage loan servicing portfolio continued to grow, reaching $1.48 trillion at December 31, 2007, up $5.4 billion from November 30, 2007 and $178 billion from December 31, 2006.
-- Banking Operations' assets were $113 billion at December 31, 2007, which compares to $109 billion at November 30, 2007 and $83 billion at December 31, 2006.
-- Securities trading volume in the Capital Markets segment was $315 billion for December 2007 as compared to $294 billion for November 2007 and $362 billion for December 2006.
-- Net earned premiums from the Insurance segment were $164 million in December 2007, up 12 percent from November 2007 and up 55 percent from December 2006.
About Countrywide
Founded in 1969, Countrywide Financial Corporation is a diversified financial services provider and a member of the S&P 500, Forbes 2000 and Fortune 500. Through its family of companies, Countrywide originates, purchases, securitizes, sells, and services residential and commercial loans; provides loan closing services such as credit reports, appraisals and flood determinations; offers banking services which include depository and home loan products; conducts fixed income securities underwriting and trading activities; provides property, life and casualty insurance; and manages a captive mortgage reinsurance company. For more information about the Company, visit Countrywide's website at http://www.countrywide.com.
This Press Release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, regarding management's beliefs, estimates, projections, and assumptions with respect to, among other things, the Company's future operations, financial results, business plans and strategies, as well as industry and market conditions, all of which are subject to change. Actual results and operations for any future period may vary materially from those projected herein and from past results discussed herein. Factors which could cause actual results to differ materially from historical results or those anticipated include, but are not limited to: increased cost of debt; reduced access to corporate debt markets or other sources of liquidity; unforeseen cash or capital requirements; a reduction in secondary mortgage market investor demand; increased credit losses due to downward trends in the economy and in the real estate market; increases in the delinquency rates of borrowers; competitive and general economic conditions in each of our business segments such as slower or negative home price appreciation; changes in general business, economic, market and political conditions in the United States and abroad from those expected; reduction in government support of homeownership; the level and volatility of interest rates; changes in interest rate paths; changes in debt ratings; changes in generally accepted accounting principles or in the legal, regulatory and legislative environments in which Countrywide operates; the judgments and assumptions made by management regarding accounting estimates and related matters; the ability of management to effectively implement the Company's strategies; and other risks noted in documents filed by the Company with the Securities and Exchange Commission from time to time. Words like "believe," expect," "anticipate," "promise," "plan," and other expressions or words of similar meanings, as well as future or conditional verbs such as "will," "would," "should," "could," or "may" are generally intended to identify forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements or any other information contained herein, and the statements made in this press release are current as of the date of this release only.Back to Countrywide Financial News
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