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November 16, 2007
Countrywide: Loan Fundings Drop in October
Calabasas, California-based Countrywide Financial Corp. reported Tuesday that mortgage loan fundings for the month of October, as well as the company's average daily mortgage loan application activity, fell last month when compared to the same period in 2006.
More specifically, the lending giant said mortgage loan fundings in October hit $22 billion—a 48-percent decline from October of last year. Meanwhile, average daily mortgage loan application activity hit $1.8 billion—a 34-percent decrease from October of 2006. And, the company says, "The mortgage loan pipeline was $41 billion at October 31, 2007, as compared to $61 billion for the same period last year."
Posted by S. Germain at November 16, 2007 08:02 AM