e8vk

0000950129-05-004947.txt : 20050509 0000950129-05-004947.hdr.sgml : 20050509 20050509165028 ACCESSION NUMBER: 0000950129-05-004947 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20050509 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050509 DATE AS OF CHANGE: 20050509 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COUNTRYWIDE FINANCIAL CORP CENTRAL INDEX KEY: 0000025191 STANDARD INDUSTRIAL CLASSIFICATION: MORTGAGE BANKERS & LOAN CORRESPONDENTS [6162] IRS NUMBER: 132641992 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12331-01 FILM NUMBER: 05812416 BUSINESS ADDRESS: STREET 1: 4500 PARK GRANADA BLVD CITY: CALABASAS STATE: CA ZIP: 91302 BUSINESS PHONE: 8182253000 MAIL ADDRESS: STREET 1: 4500 PARK GRANADA BLVD CITY: CALABASAS STATE: CA ZIP: 91302 FORMER COMPANY: FORMER CONFORMED NAME: COUNTRYWIDE CREDIT INDUSTRIES INC DATE OF NAME CHANGE: 19920703 8-K 1 v08970e8vk.htm COUNTRYWIDE FINANCIAL CORP.- MAY 9, 2005 e8vk

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (date of earliest event reported): May 9, 2005

COUNTRYWIDE FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)


Delaware (State or other jurisdiction of incorporation		1-8422 (Commission File Number)		13-2641992 (IRS Employer Identification No.)


4500 Park Granada, Calabasas, CA (Address of principal executive offices)		91302 (Zip Code)

Registrant’s telephone number, including area code: (818) 225-3000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):


o		Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o		Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o		Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS


	Item 2.02. Results of Operations and Financial Condition
	Item 9.01. Financial Statements and Exhibits
SIGNATURE
EXHIBIT INDEX
EX-99.1
EX-99.2

Item 2.02. Results of Operations and Financial Condition

On May 9, 2005, Countrywide Financial Corporation (the “Company”) issued a press release announcing information regarding its operational statistics for the month ended April 30, 2005, a copy of which is attached as Exhibit 99.1. On May 9, 2005, the Company also made available an updated version of its thirteen-month statistical data report on its website, www.countrywide.com, a copy of which is attached as Exhibit 99.2.

The information furnished pursuant to this Current Report on Form 8-K (including the exhibits hereto) shall not be considered “filed” under the Securities Exchange Act of 1934, as amended, nor shall it be incorporated by reference into any of the Company’s filings under the Securities Act of 1933, as amended, or under the Securities Exchange Act of 1934, as amended, unless the Company expressly states in such filing that such information is to be considered “filed” or incorporated by reference therein.

Item 9.01. Financial Statements and Exhibits


99.1		Press Release issued by Countrywide Financial Corporation (the “Company”) pertaining to its operational statistics for the month ended April 30, 2005.

99.2		Thirteen-month statistical data report made available by the Company on its website.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

COUNTRYWIDE FINANCIAL CORPORATION

Dated: May 6, 2005 /s/ Laura Milleman

Laura Milleman

Senior Managing Director and Chief Accounting Officer

EXHIBIT INDEX


Exhibit
No.

99.1		Press Release issued by Countrywide Financial Corporation (the “Company”) pertaining to its operational statistics for the month ended April 30, 2005.

99.2		Thirteen-month statistical data report made available by the Company on its website.

EX-99.1 2 v08970exv99w1.htm EX-99.1 exv99w1

Exhibit 99.1


NEWS

INVESTOR CONTACT: (818)225-3550
David Bigelow or Lisa Riordan

MEDIA CONTACT: (800)796-8448

COUNTRYWIDE REPORTS APRIL 2005 OPERATIONAL DATA
– SERVICING PORTFOLIO SURPASSES $900 BILLION LEVEL –
– MORTGAGE LOAN PIPELINE INCREASES TO $66 BILLION –
– TOTAL ASSETS AT COUNTRYWIDE BANK REACH $56 BILLION –

CALABASAS, CA (May 9, 2005) – Countrywide Financial Corporation (NYSE: CFC) released operational data for the month ended April 30, 2005. Highlights included the following:

• Mortgage loan fundings for the month of April totaled $34 billion, a decline of 5 percent from last month, and down 4 percent from April 2004. Since there were 2 fewer working days, loan fundings on an average daily basis in April rose by 4 percent as compared to last month. Total mortgage loan fundings year-to-date reached $126 billion.

–    Monthly purchase volume reached $17 billion, an increase of 2 percent from last month and 22 percent greater than April 2004. Year-to-date purchase activity totaled $58 billion.

–    Adjustable-rate loan fundings of $20 billion were essentially flat from last month but 24 percent more than April 2004. Year-to-date adjustable-rate fundings reached $68 billion.

–    Monthly home equity loan fundings grew by 3 percent from last month to reach $3.5 billion, and were 57 percent higher than April 2004, bringing year-to-date home equity production to $12 billion.

–    Nonprime loan lending was $2.9 billion for the month of April, a decrease of 13 percent from the prior month, but an increase of 6 percent from April 2004. This brought year-to-date nonprime lending to $13 billion.

• Average daily mortgage loan application activity in April climbed to $2.6 billion, up 9 percent over last month and was 26 percent greater than April 2004. The mortgage loan pipeline climbed to $66 billion at April 30^th, its highest level since July 2003, driven in part by a decline in the 10-year US Treasury yield since March 31, 2005. The pipeline at the end of April 2005 was 12 percent more than last month and 20 percent higher than April 2004.

• The mortgage loan servicing portfolio continued to climb, reaching $914 billion, an increase of $221 billion, or 32 percent, from April 2004.

(more)

Investor Relations
4500 Park Granada · Calabasas, CA 91302 · 818-225-3550
http://www.countrywide.com

2-2-2

•   Securities trading volume at Capital Markets totaled $254 billion, a decline of 22 percent from last month, and down 8 percent from April 2004. Year-to-date securities trading volume totaled $1.1 trillion.

•   Total assets at Countrywide Bank reached $56 billion, advancing 10 percent over last month and rising 125 percent over April 2004’s level.

•   Monthly net earned premiums at Balboa were $68 million, rising 2 percent over last month and up 8 percent over April 2004. Year-to-date net earned premiums totaled $268 million.

•   Subservicing volume at Global Home Loans was $116 billion, up 7 percent from April 2004.

“The second quarter of 2005 opened with solid operational results,” said Stanford L. Kurland, President and Chief Operating Officer. “April highlights included the servicing portfolio surpassing the $900 billion mark and Bank assets reaching $56 billion. Average daily applications were robust at $2.6 billion, up on both a sequential and year-over-year basis. The mortgage loan pipeline of $66 billion suggests continued strength in mortgage loan fundings for the near-term.”

Founded in 1969, Countrywide Financial Corporation is a member of the S&P 500, Forbes 2000 and Fortune 500. Through its family of companies, Countrywide provides mortgage banking and diversified financial services. Mortgage banking businesses include loan production and loan servicing principally through Countrywide Home Loans, Inc., which originates, purchases, securitizes, sells, and services prime and nonprime loans. Also included in Countrywide’s mortgage banking segment is the LandSafe group of companies which provide loan closing services. Diversified financial services encompass banking, capital markets, insurance, and global operations, largely through the activities of Countrywide Bank, a division of Treasury Bank, N.A., a bank offering depository and home loan products; Countrywide Capital Markets, a mortgage-related investment banker; Balboa Life and Casualty Group, whose companies are national providers of property, life and casualty insurance; Balboa Reinsurance, a captive mortgage reinsurance company; and Global Home Loans, a U.K. mortgage banking joint venture in which Countrywide holds a majority interest. For more information about the Company, visit Countrywide’s website at 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, 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: competitive and general economic conditions in each of our business segments; general economic conditions in the United States and abroad; loss of investment grade rating that may result in an increase in the cost of debt or loss of access to corporate debt markets; reduction in government support of homeownership; the level and volatility of interest rates; changes in interest rate paths; the legal, regulatory and legislative environments in the markets in which the Company operates; and other risks detailed 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.

(tables follow)

Investor Relations
4500 Park Granada · Calabasas, CA 91302 · 818-225-3550
http://www.countrywide.com

3-3-3


	Month Ended						Year-to-Date
	April 30,			April 30,			April 30,
	2005			2004			2005
LOAN PRODUCTION
Number of Working Days in the Period		21			22			82
Average Daily Mortgage Loan Applications	$	2,565		$	2,041		$	2,347
Mortgage Loan Pipeline (loans-in-process)	$	65,791		$	54,836
Commercial Real Estate Loan Pipeline (loans-in-process)	$	361		$	—

Loan Fundings:
Consumer Markets Division	$	10,944		$	11,115		$	39,029
Wholesale Lending Division		5,738			7,727			23,095
Correspondent Lending Division		12,275			14,362			45,582

Total Mortgage Banking		28,957			33,204			107,706
Capital Markets		629			494			4,819
Treasury Bank ⁽²⁾		4,819			2,147			13,340

Total Mortgage Loan Fundings		34,405			35,845			125,865
Commercial Real Estate Fundings		112			—			676

Total Loan Fundings	$	34,517		$	35,845		$	126,541


Loan Fundings in Units:
Consumer Markets Division		66,748			75,880			247,082
Wholesale Lending Division		29,500			42,114			119,558
Correspondent Lending Division		62,239			77,570			239,252

Total Mortgage Banking		158,487			195,564			605,892
Capital Markets		2,665			1,463			20,694
Treasury Bank ⁽²⁾		38,171			21,909			111,050

Total Mortgage Loan Fundings in Units		199,323			218,936			737,636
Commercial Real Estate Units		9			—			35

Total Loan Fundings in Units		199,332			218,936			737,671


Mortgage Loan Fundings:
Purchase ⁽³⁾	$	16,913		$	13,883		$	58,133
Non-purchase ⁽³⁾		17,492			21,962			67,732

Total Mortgage Loan Fundings	$	34,405		$	35,845		$	125,865


Mortgage Loan Fundings by Product:
Government Fundings	$	792		$	1,491		$	2,929
ARM Fundings	$	19,583		$	15,739		$	68,228
Home Equity Fundings	$	3,519		$	2,242		$	12,282
Nonprime Fundings	$	2,922		$	2,765		$	12,742

MORTGAGE LOAN SERVICING ⁽⁴⁾
Volume	$	914,465		$	693,768
Units		6,622,839			5,372,526
Subservicing Volume ⁽⁵⁾	$	25,737		$	15,028
Subservicing Units		232,972			163,842
Prepayments in Full	$	16,608		$	23,557		$	61,615
Bulk Servicing Acquisitions	$	4,665		$	1,122		$	22,596
Portfolio Delinquency (%) – CHL⁽⁶⁾		3.31	%		3.19	%
Foreclosures Pending (%) – CHL⁽⁶⁾		0.39	%		0.38	%

4-4-4

COUNTRYWIDE FINANCIAL CORPORATION AND SUBSIDIARIES
OPERATING STATISTICS⁽¹⁾
(Dollars in Millions)


	Month Ended						Year-to-Date
	April 30,			April 30,			April 30,
	2005			2004			2005
LOAN CLOSING SERVICES (units)
Credit Reports		807,247			626,142			3,071,071
Flood Determinations		287,393			236,776			1,078,023
Appraisals		91,952			65,975			334,445
Automated Property Valuation Services		574,803			473,601			2,234,797
Other		13,938			16,058			64,164

Total Units		1,775,333			1,418,552			6,782,500

CAPITAL MARKETS
Securities Trading Volume ⁽⁷⁾	$	254,172		$	274,862		$	1,082,793
BANKING
Assets Held by Treasury Bank (in billions)	$	56.0		$	24.9
INSURANCE
Net Premiums Earned:
Carrier	$	53.6		$	50.0		$	209.4
Reinsurance		14.4			13.1			58.1

Total Net Premiums Earned	$	68.0		$	63.1		$	267.5

GLOBAL OPERATIONS
Global Home Loans Subservicing Volume (in billions)	$	116		$	108
Period-end Rates
10-Year U.S. Treasury Yield		4.21	%		4.53	%
FNMA 30-Year Fixed Rate MBS Coupon		5.28	%		5.59	%

⁽¹⁾		The above data reflect current operating statistics and do not constitute all factors impacting the quarterly and annual financial results of the Company. All figures are unaudited and monthly figures may be adjusted in the reported financial statements of the Company. Such financial statements are provided by the Company quarterly. The Company makes no commitment to update this information for changes in circumstances or events which occur subsequent to the date of this release.

⁽²⁾		Treasury Bank funds loans for investment purposes; these loans are processed for Treasury Bank by the production divisions.

⁽³⁾		Purchase fundings include first trust deed and home equity loans used as purchase money debt in the acquisition of a home. Non-purchase fundings include first trust deed refinance loans, home equity refinance loans, and stand-alone home equity loans.

⁽⁴⁾		Includes loans held for sale, loans held for investment, and loans serviced under subservicing agreements for others.

⁽⁵⁾		Subservicing volume for other clients.

⁽⁶⁾		Expressed as a percentage of the total number of loans serviced, excluding subserviced loans and portfolios purchased at a discount due to their non-performing status.

⁽⁷⁾		Includes trades with Mortgage Banking Division.

###

EX-99.2 3 v08970exv99w2.htm EX-99.2 exv99w2

EXHIBIT 99.2

COUNTRYWIDE FINANCIAL CORPORATION AND SUBSIDIARIES
ROLLING THIRTEEN MONTH STATISTICAL DATA
(Dollars in millions)


	Apr-04			May-04			Jun-04			Jul-04			Aug-04			Sep-04			Oct-04			Nov-04			Dec-04			Jan-05			Feb-05			Mar-05			Apr-05			YTD
LOAN PRODUCTION
Number of Working Days in the Period		22			20			22			21			22			21			21			21			22			19			19			23			21			82
Average Daily Mortgage Loan Applications	$	2,041		$	1,945		$	1,905		$	2,006		$	2,051		$	2,098		$	1,991		$	2,010		$	1,983		$	2,107		$	2,329		$	2,362		$	2,565		$	2,347
Mortgage Loan Pipeline (loans-in-process)	$	54,836		$	49,675		$	47,317		$	48,142		$	50,024		$	50,887		$	51,990		$	50,638		$	47,768		$	47,842		$	54,774		$	58,803		$	65,791
Commercial Real Estate Loan Pipeline (loans-in-process)		—			—			—		$	7		$	72		$	109		$	229		$	327		$	308		$	233		$	308		$	393		$	361

Loan Fundings:
Consumer Markets Division	$	11,115		$	9,815		$	9,804		$	8,841		$	9,288		$	9,164		$	9,666		$	10,183		$	10,440		$	8,147		$	8,520		$	11,418		$	10,944		$	39,029
Wholesale Lending Division		7,727			6,208			5,913			5,376			6,102			5,881			6,236			6,775			6,992			5,177			5,378			6,802			5,738			23,095
Correspondent Lending Division		14,362			11,986			11,560			10,405			11,152			10,810			9,846			11,594			13,086			10,254			9,648			13,405			12,275			45,582

Total Mortgage Banking		33,204			28,009			27,277			24,622			26,542			25,855			25,748			28,552			30,518			23,578			23,546			31,625			28,957			107,706
Capital Markets		494			1,875			2,230			2,396			1,592			2,123			729			1,082			2,234			2,190			1,050			950			629			4,819
Treasury Bank (1)		2,147			1,931			2,496			2,686			2,988			3,020			2,740			1,734			1,978			2,477			2,310			3,734			4,819			13,340

Total Mortgage Loan Fundings		35,845			31,815			32,003			29,704			31,122			30,998			29,217			31,368			34,730			28,245			26,906			36,309			34,405			125,865
Commercial Real Estate Fundings		—			—			—			—			—			3			48			126			181			247			226			91			112			676

Total Loan Fundings	$	35,845		$	31,815		$	32,003		$	29,704		$	31,122		$	31,001		$	29,265		$	31,494		$	34,911		$	28,492		$	27,132		$	36,400		$	34,517		$	126,541


Loan Fundings in Units:
Consumer Markets Division		75,880			68,759			69,912			63,813			67,019			64,123			67,098			75,600			72,025			53,993			56,651			69,690			66,748			247,082
Wholesale Lending Division		42,114			34,247			33,270			30,710			34,422			32,818			33,390			37,491			38,476			26,805			27,846			35,407			29,500			119,558
Correspondent Lending Division		77,570			65,425			65,668			60,992			64,659			60,219			55,413			68,947			74,305			57,064			51,625			68,324			62,239			239,252

Total Mortgage Banking		195,564			168,431			168,850			155,515			166,100			157,160			155,901			182,038			184,806			137,862			136,122			173,421			158,487			605,892
Capital Markets		1,463			6,740			8,486			9,949			6,948			10,288			2,868			4,523			9,665			10,673			3,582			3,774			2,665			20,694
Treasury Bank (1)		21,909			21,779			26,627			26,236			28,829			28,736			28,081			8,862			13,389			19,904			19,969			33,006			38,171			111,050

Total Mortgage Loan Fundings in Units		218,936			196,950			203,963			191,700			201,877			196,184			186,850			195,423			207,860			168,439			159,673			210,201			199,323			737,636
Commercial Real Estate Units		—			—			—			—			—			1			6			10			13			6			11			9			9			35

Total Loan Fundings in Units		218,936			196,950			203,963			191,700			201,877			196,185			186,856			195,433			207,873			168,445			159,684			210,210			199,332			737,671


Mortgage Loan Fundings:
Purchase (2)	$	13,883		$	14,575		$	17,491		$	17,541		$	17,797		$	17,001		$	14,884		$	15,154		$	16,533		$	12,666		$	12,052		$	16,502		$	16,913		$	58,133
Non-purchase (2)		21,962			17,240			14,512			12,163			13,325			13,997			14,333			16,214			18,197			15,579			14,854			19,807			17,492			67,732

Total Mortgage Loan Fundings	$	35,845		$	31,815		$	32,003		$	29,704		$	31,122		$	30,998		$	29,217		$	31,368		$	34,730		$	28,245		$	26,906		$	36,309		$	34,405		$	125,865


Mortgage Loan Fundings by Product:
Government Fundings	$	1,491		$	1,235		$	1,119		$	1,039		$	961		$	934		$	832		$	953		$	875		$	646		$	695		$	796		$	792		$	2,929
ARM Fundings	$	15,739		$	15,745		$	17,259		$	17,021		$	18,278		$	21,026		$	16,341		$	16,422		$	18,457		$	15,080		$	14,081		$	19,484		$	19,583		$	68,228
Home Equity Fundings	$	2,242		$	2,272		$	2,787		$	2,838		$	3,056		$	3,164		$	3,036		$	3,061		$	3,148		$	2,732		$	2,618		$	3,413		$	3,519		$	12,282
Nonprime Fundings	$	2,765		$	3,044		$	3,745		$	3,785		$	4,275		$	3,894		$	3,276		$	3,459		$	4,306		$	3,851		$	2,605		$	3,364		$	2,922		$	12,742

MORTGAGE LOAN SERVICING (3)
Volume	$	693,768		$	706,943		$	726,227		$	746,905		$	765,342		$	785,992		$	805,922		$	821,287		$	838,322		$	866,665		$	878,270		$	893,405		$	914,465
Units		5,372,526			5,443,555			5,547,050			5,668,620			5,773,837			5,889,950			6,018,496			6,113,193			6,196,487			6,388,677			6,450,135			6,517,536			6,622,839

Subservicing Volume (4)	$	15,028		$	15,289		$	16,027		$	16,843		$	16,312		$	17,861		$	16,869		$	17,421		$	16,847		$	22,712		$	21,389		$	21,178		$	25,737
Subservicing Units		163,842			163,931			163,396			172,602			169,665			174,079			171,273			174,875			171,633			211,025			212,654			207,380			232,972

Prepayments in Full	$	23,557		$	17,593		$	14,945		$	12,430		$	13,232		$	13,669		$	14,336		$	16,013		$	17,755		$	12,408		$	11,790		$	20,809		$	16,608		$	61,615
Bulk Servicing Acquisitions	$	1,122		$	1,563		$	1,634		$	4,187		$	4,626		$	3,399		$	8,241		$	1,870		$	4,903		$	8,475		$	4,136		$	5,320		$	4,665		$	22,596

Portfolio Delinquency – CHL (5)		3.19	%		3.49	%		3.48	%		3.51	%		3.57	%		3.73	%		3.92	%		3.85	%		3.83	%		3.89	%		3.74	%		3.31	%		3.31	%
Foreclosures Pending – CHL (5)		0.38	%		0.36	%		0.37	%		0.37	%		0.35	%		0.35	%		0.37	%		0.41	%		0.42	%		0.45	%		0.45	%		0.43	%		0.39	%

COUNTRYWIDE FINANCIAL CORPORATION AND SUBSIDIARIES
ROLLING THIRTEEN MONTH STATISTICAL DATA
(Dollars in millions)


	Apr-04			May-04			Jun-04			Jul-04			Aug-04			Sep-04			Oct-04			Nov-04			Dec-04			Jan-05			Feb-05			Mar-05			Apr-05			YTD
LOAN CLOSING SERVICES (units)
Credit Reports		626,142			574,524			631,763			630,223			677,931			657,661			660,351			634,685			580,363			695,173			696,309			872,342			807,247			3,071,071
Flood Determinations		236,776			214,494			239,522			243,241			265,888			239,230			237,386			235,665			247,978			233,500			260,748			296,382			287,393			1,078,023
Appraisals		65,975			58,912			59,839			62,732			74,314			78,118			77,388			80,253			82,114			68,309			76,441			97,743			91,952			334,445
Automated Property Valuation Services		473,601			456,663			480,364			467,030			480,329			463,760			477,592			508,451			496,643			496,469			508,279			655,246			574,803			2,234,797
Other		16,058			13,583			15,332			13,252			13,324			13,678			14,430			15,895			17,119			16,027			15,337			18,862			13,938			64,164

Total Units		1,418,552			1,318,176			1,426,820			1,416,478			1,511,786			1,452,447			1,467,147			1,474,949			1,424,217			1,509,478			1,557,114			1,940,575			1,775,333			6,782,500

CAPITAL MARKETS
Securities Trading Volume (6)	$	274,862		$	292,116		$	314,599		$	266,645		$	240,678		$	287,475		$	239,128		$	260,065		$	260,666		$	248,216		$	256,305		$	324,100		$	254,172		$	1,082,793
BANKING
Assets Held by Treasury Bank (in billions)	$	24.9		$	25.6		$	27.2		$	28.6		$	30.9		$	33.9		$	36.4		$	38.8		$	41.0		$	43.3		$	45.9		$	51.1		$	56.0
INSURANCE
Net Premiums Earned:
Carrier	$	50.0		$	48.1		$	50.6		$	54.4		$	50.7		$	50.0		$	54.1		$	53.6		$	55.8		$	54.5		$	49.3		$	52.0		$	53.6		$	209.4
Reinsurance		13.1			13.0			12.5			13.0			13.1			13.6			13.7			13.8			14.3			14.5			14.8			14.4			14.4			58.1

Total Net Premiums Earned	$	63.1		$	61.1		$	63.1		$	67.4		$	63.8		$	63.6		$	67.8		$	67.4		$	70.1		$	69.0		$	64.1		$	66.4		$	68.0		$	267.5

GLOBAL OPERATIONS
Global Home Loans Subservicing
Volume (in billions)	$	108		$	111		$	110		$	110		$	109		$	110		$	112		$	117		$	118		$	116		$	118		$	115		$	116
Workforce Head Count: (7)
Loan Originations		21,696			22,400			23,035			23,114			23,680			24,334			24,899			25,203			25,071			25,162			25,183			25,470			26,024
Loan Servicing		5,828			5,864			5,908			5,910			5,920			5,961			6,079			6,202			6,331			6,225			6,259			6,367			6,559
Loan Closing Services		938			993			1,019			1,049			1,072			1,100			1,113			1,123			1,146			1,171			1,221			1,290			1,293
Insurance		1,809			1,822			1,826			1,854			1,845			1,881			1,880			1,880			1,899			1,890			1,913			1,925			1,982
Capital Markets		513			517			529			540			554			559			566			564			569			569			579			588			592
Global Operations		2,051			2,064			2,095			2,099			2,144			2,246			2,328			2,332			2,317			2,331			2,345			2,362			2,373
Banking		888			956			1,003			1,015			1,083			1,164			1,184			1,213			1,213			1,508			1,562			1,585			1,621
Corporate Overhead & Other		3,441			3,529			3,660			3,814			3,889			4,001			4,033			4,102			4,066			4,075			4,059			4,070			4,106

Total Workforce Head Count		37,164			38,145			39,075			39,395			40,187			41,246			42,082			42,619			42,612			42,931			43,121			43,657			44,550

Period-end Rates
10-Year U.S. Treasury Yield		4.53	%		4.66	%		4.62	%		4.50	%		4.13	%		4.14	%		4.05	%		4.36	%		4.24	%		4.14	%		4.36	%		4.50	%		4.21	%
FNMA 30-Year Fixed Rate MBS Coupon		5.59	%		5.75	%		5.59	%		5.48	%		5.16	%		5.23	%		5.11	%		5.27	%		5.21	%		5.12	%		5.34	%		5.48	%		5.28	%

(1)		Treasury Bank funds loans for investment purposes; these loans are processed for Treasury Bank by the production divisions.

(2)		Purchase fundings include first trust deed and home equity loans used as purchase money debt in the acquisition of a home. Non-purchase fundings include first trust deed refinance loans, home equity refinance loans, and stand-alone home equity loans.

(3)		Includes loans held for sale, loans held for investment, and loans serviced under subservicing agreements for others.

(4)		Subservicing volume for other clients.

(5)		Expressed as a percentage of the total number of loans serviced, excluding subserviced loans and portfolios purchased at a discount due to their non-performing status.

(6)		Includes trades with Mortgage Banking Division.

(7)		Workforce Head Count includes full-time employees, contract, and temporary help.

# # #

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Table of Contents

Table of Contents

Table of Contents


Item 2.02.	Results of Operations and Financial Condition


	COUNTRYWIDE FINANCIAL CORPORATION
Dated: May 6, 2005	/s/ Laura Milleman
	Laura Milleman
	Senior Managing Director and Chief Accounting Officer

	–	Monthly purchase volume reached $17 billion, an increase of 2 percent from last month and 22 percent greater than April 2004. Year-to-date purchase activity totaled $58 billion.

	–	Adjustable-rate loan fundings of $20 billion were essentially flat from last month but 24 percent more than April 2004. Year-to-date adjustable-rate fundings reached $68 billion.

	–	Monthly home equity loan fundings grew by 3 percent from last month to reach $3.5 billion, and were 57 percent higher than April 2004, bringing year-to-date home equity production to $12 billion.

	–	Nonprime loan lending was $2.9 billion for the month of April, a decrease of 13 percent from the prior month, but an increase of 6 percent from April 2004. This brought year-to-date nonprime lending to $13 billion.

	•	Average daily mortgage loan application activity in April climbed to $2.6 billion, up 9 percent over last month and was 26 percent greater than April 2004. The mortgage loan pipeline climbed to $66 billion at April 30^th, its highest level since July 2003, driven in part by a decline in the 10-year US Treasury yield since March 31, 2005. The pipeline at the end of April 2005 was 12 percent more than last month and 20 percent higher than April 2004.

	•	The mortgage loan servicing portfolio continued to climb, reaching $914 billion, an increase of $221 billion, or 32 percent, from April 2004.

	•	Securities trading volume at Capital Markets totaled $254 billion, a decline of 22 percent from last month, and down 8 percent from April 2004. Year-to-date securities trading volume totaled $1.1 trillion.

	•	Total assets at Countrywide Bank reached $56 billion, advancing 10 percent over last month and rising 125 percent over April 2004’s level.

	•	Monthly net earned premiums at Balboa were $68 million, rising 2 percent over last month and up 8 percent over April 2004. Year-to-date net earned premiums totaled $268 million.

	•	Subservicing volume at Global Home Loans was $116 billion, up 7 percent from April 2004.