-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, WrZIbUEEvxdIzMvg7d64KDcxRloA6jMpavAT4g5WliXZ85816tFr/tUBE4Os3tMG k8diFUPNM7hJlIhJkpqSvg== 0001104659-07-074472.txt : 20071011 0001104659-07-074472.hdr.sgml : 20071011 20071011145651 ACCESSION NUMBER: 0001104659-07-074472 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20071011 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20071011 DATE AS OF CHANGE: 20071011 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COUNTRYWIDE FINANCIAL CORP CENTRAL INDEX KEY: 0000025191 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] 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: 071167137 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 a07-26438_18k.htm 8-K

 

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): October 11, 2007

 

COUNTRYWIDE FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)

 

Delaware

 

1-8422

 

13-2641992

(State or other jurisdiction

 

(Commission

 

(IRS Employer

of incorporation)

 

File Number)

 

Identification No.)

 

 

 

 

 

4500 Park Granada, Calabasas, CA

 

91302

(Address of principal executive offices)

 

(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))

 

 


 

Item 2.02.                                          Results of Operations and Financial Condition

 

On October 11, 2007, Countrywide Financial Corporation (the “Company”) issued a press release announcing information regarding its operational statistics for the month ended September 30, 2007, a copy of which is attached as Exhibit 99.1. On October 11, 2007, 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

 

(d)         Exhibits

 

99.1    Press Release issued by Countrywide Financial Corporation (the “Company”) pertaining to its operational statistics for the month ended September 30, 2007.

 

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: October 11, 2007

/s/ Lawrence R. Gee

 

 

 

Lawrence R. Gee

 

Managing Director, Technical Accounting

 


 

EXHIBIT INDEX

 

Exhibit
No.

 

 

 

 

 

99.1

 

Press Release issued by Countrywide Financial Corporation (the “Company”) pertaining to its operational statistics for the month ended September 30, 2007.

 

 

 

99.2

 

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

 

 EX-99.1 2 a07-26438_1ex99d1.htm EX-99.1

Exhibit 99.1

 

NEWS

 

 

INVESTOR CONTACT:    (818) 225-3550

David Bigelow or Lisa Riordan

 

MEDIA CONTACT: (800) 796-8448

 

 

COUNTRYWIDE REPORTS SEPTEMBER 2007 OPERATIONAL RESULTS

 

CALABASAS, CA (October 11, 2007) — Countrywide Financial Corporation (NYSE: CFC) released operational data for the month ended September 30, 2007. Key operational results included the following:

 

•                  Mortgage loan fundings for the month of September 2007 totaled $21 billion, a 44 percent decline from September 2006.

 

•                  Average daily mortgage loan application activity for September 2007 was $1.7 billion, a 39 percent decrease from September 2006. The mortgage loan pipeline was $42 billion at September 30, 2007, as compared to $65 billion for the same period last year.

 

•                  The mortgage loan servicing portfolio continued to grow, reaching $1.46 trillion at September 30, 2007. This is an increase of $215 billion, or 17 percent, from September 30, 2006.

 

•                  Commercial real estate funding volume for the month of September 2007 was $242 million, which compares to $646 million in September 2006.

 

•                  Banking Operations’ assets were $101 billion at September 30, 2007, which compares to $88 billion at September 30, 2006.

 

•                  Securities trading volume in the Capital Markets segment of $272 billion for September 2007 was 10 percent lower when compared to the same month last year.

 

•                  Net earned premiums from the Insurance segment were $131 million in September 2007, up 37 percent from September 2006.

 

“September’s production volume is reflective of current market conditions and more restrictive underwriting,” said David Sambol, President and Chief Operating Officer. “For the third quarter of 2007, total mortgage loan production volume declined 27 percent from the second quarter of 2007 and 19 percent from the third quarter last year. Countrywide’s mortgage loan pipeline and average daily applications declined 39 percent and 45 percent, respectively, from June 2007 to $42 billion and $1.7 billion for September 2007, illustrating the significant drop in overall activity throughout the industry.

 

Investor Relations

4500 Park Granada • Calabasas, CA  91302 •  818-225-3550

http://www.countrywide.com

 

 Countrywide Home Loans, Inc. and Countrywide Bank, FSB are Equal Housing Lenders. ã2007 Countrywide Financial Corporation.
 Trade/service marks are the property of Countrywide Financial Corporation and/or its subsidiaries. All rights reserved.

 


 

“The delinquency rate as a percentage of loans serviced continued to increase in September. However, we estimate that approximately 40 basis points of the 82 basis point month-over-month increase was attributable to four fewer business days in September as opposed to August,” Sambol explained. “The Company is continuing to take the necessary steps to assist borrowers with foreclosure avoidance and investors with loss mitigation.

 

“The integration of loan production with our Bank remains on track,” Sambol stated. “During the month of September, 89 percent of the Company’s total loan production was originated through the Bank, which compares to 31 percent for September 2006. Assets in our Banking Operations surpassed the $100 billion mark at the end of September, which compares to $90 billion at June 30, 2007. The increase was driven by the Company’s decision to retain more investment-quality loans in its portfolio. Excluding escrows, deposits increased by $2.1 billion in September 2007 to reach $44 billion. This included a net increase in retail deposits of $1.7 billion to reach $26 billion by month’s end. These net increases were driven primarily by new retail deposit production of $2.7 billion in September, an all-time monthly record for the Bank.”

 

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 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; 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.

 

(tables follow)

 

 

Investor Relations

4500 Park Granada • Calabasas, CA  91302 •  818-225-3550

http://www.countrywide.com

 

 Countrywide Home Loans, Inc. and Countrywide Bank, FSB are Equal Housing Lenders. ã2007 Countrywide Financial Corporation.
 Trade/service marks are the property of Countrywide Financial Corporation and/or its subsidiaries. All rights reserved.

 

2


 

COUNTRYWIDE FINANCIAL CORPORATION AND SUBSIDIARIES

OPERATING STATISTICS(1)

(Dollars in Millions)

 

 

 

Month Ended

 

Year-to-Date

 

 

 

September 30

 

September 30

 

September 30

 

September 30

 

 

 

2007

 

2006

 

2007

 

2006

 

LOAN PRODUCTION

 

 

 

 

 

 

 

 

 

Number of Working Days in the Period

 

19

 

20

 

189

 

189

 

Average Daily Mortgage Loan Applications

 

$

1,740

 

$

2,836

 

$

2,775

 

$

2,624

 

Mortgage Loan Pipeline (loans-in-process)

 

$

41,507

 

$

65,316

 

 

 

 

 

Commercial Real Estate Loan Pipeline (loans-in-process)

 

$

1,323

 

$

1,415

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loan Fundings (2):

 

 

 

 

 

 

 

 

 

Retail Lending

 

$

9,330

 

$

12,436

 

$

116,022

 

$

115,352

 

Wholesale Lending

 

3,100

 

7,229

 

60,908

 

73,642

 

Correspondent Lending

 

8,609

 

16,534

 

154,218

 

129,798

 

Capital Markets Purchases

 

137

 

1,596

 

4,887

 

14,942

 

Banking Operations Purchases (2)

 

43

 

292

 

3,723

 

6,863

 

Total Mortgage Loan Fundings

 

21,219

 

38,087

 

339,758

 

340,597

 

Commercial Real Estate Lending

 

242

 

646

 

6,714

 

3,309

 

Total Loan Fundings

 

$

21,461

 

$

38,733

 

$

346,472

 

$

343,906

 

 

 

 

 

 

 

 

 

 

 

Total Bank Loan Fundings (3)

 

$

19,182

 

$

11,998

 

$

167,452

 

$

80,309

 

 

 

 

 

 

 

 

 

 

 

Loan Fundings in Units (2):

 

 

 

 

 

 

 

 

 

Retail Lending

 

56,520

 

78,388

 

683,172

 

744,674

 

Wholesale Lending

 

15,844

 

35,448

 

296,244

 

358,397

 

Correspondent Lending

 

42,914

 

85,213

 

776,022

 

653,017

 

Capital Markets Purchases

 

226

 

5,832

 

15,581

 

57,111

 

Banking Operations Purchases (2)

 

—

 

807

 

37,597

 

50,628

 

Total Mortgage Loan Fundings

 

115,504

 

205,688

 

1,808,616

 

1,863,827

 

Commercial Real Estate Lending

 

88

 

56

 

940

 

366

 

Total Loan Fundings

 

115,592

 

205,744

 

1,809,556

 

1,864,193

 

 

 

 

 

 

 

 

 

 

 

Total Bank Loan Fundings (3)

 

105,553

 

74,449

 

979,385

 

552,351

 

 

 

 

 

 

 

 

 

 

 

Mortgage Loan Fundings (2)(4):

 

 

 

 

 

 

 

 

 

Purchase

 

$

9,637

 

$

17,677

 

$

143,954

 

$

157,811

 

Non-purchase

 

11,582

 

20,410

 

195,804

 

182,786

 

Total Mortgage Loan Fundings

 

$

21,219

 

$

38,087

 

$

339,758

 

$

340,597

 

 

 

 

 

 

 

 

 

 

 

Mortgage Loan Fundings by Product (2):

 

 

 

 

 

 

 

 

 

Government Fundings

 

$

1,657

 

$

1,036

 

$

15,375

 

$

9,436

 

ARM Fundings

 

$

3,826

 

$

15,778

 

$

99,133

 

$

165,118

 

Home Equity Fundings

 

$

1,600

 

$

3,766

 

$

29,875

 

$

37,092

 

Nonprime Fundings

 

$

255

 

$

3,058

 

$

16,928

 

$

30,545

 

 

 

 

 

 

 

 

 

 

 

MORTGAGE LOAN SERVICING (5)

 

 

 

 

 

 

 

 

 

Volume

 

$

1,459,136

 

$

1,244,311

 

 

 

 

 

Units

 

8,982,308

 

7,964,033

 

 

 

 

 

Subservicing Volume (6)

 

$

22,921

 

$

20,552

 

 

 

 

 

Subservicing Units

 

220,898

 

193,536

 

 

 

 

 

Prepayments in Full

 

$

10,829

 

$

16,907

 

$

160,296

 

$

155,889

 

Bulk Servicing Acquisitions

 

$

64

 

$

2,375

 

$

21,662

 

$

3,115

 

Servicing Portfolio Performance - CHL (7)

 

 

 

 

 

 

 

 

 

Delinquency as a percentage of:

 

 

 

 

 

 

 

 

 

unpaid principal balance

 

5.85

%

4.04

%

 

 

 

 

number of loans serviced

 

5.87

%

4.50

%

 

 

 

 

Foreclosures Pending as a percentage of:

 

 

 

 

 

 

 

 

 

unpaid principal balance

 

1.27

%

0.51

%

 

 

 

 

number of loans serviced

 

0.92

%

0.52

%

 

 

 

 

 

(more)

 


 

 

 

Month Ended

 

Year-to-Date

 

 

 

September 30

 

September 30

 

September 30

 

September 30

 

 

 

2007

 

2006

 

2007

 

2006

 

LOAN CLOSING SERVICES (units)

 

 

 

 

 

 

 

 

 

Credit Reports

 

746,947

 

788,458

 

8,689,618

 

7,710,757

 

Flood Determinations

 

276,625

 

273,293

 

2,620,370

 

2,533,622

 

Appraisals

 

132,067

 

104,930

 

1,159,736

 

940,113

 

Automated Property Valuation Services

 

1,251,064

 

699,238

 

7,683,926

 

6,204,234

 

Other

 

30,267

 

17,471

 

250,536

 

150,700

 

Total Units

 

2,436,970

 

1,883,390

 

20,404,186

 

17,539,426

 

 

 

 

 

 

 

 

 

 

 

CAPITAL MARKETS

 

 

 

 

 

 

 

 

 

Securities Trading Volume (8)

 

$

272,229

 

$

301,179

 

$

3,164,327

 

$

2,845,601

 

 

 

 

 

 

 

 

 

 

 

BANKING

 

 

 

 

 

 

 

 

 

Banking Operations Assets (in billions)

 

$

101

 

$

88

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INSURANCE

 

 

 

 

 

 

 

 

 

Net Premiums Earned:

 

 

 

 

 

 

 

 

 

Carrier

 

$

105.5

 

$

76.5

 

$

873.8

 

$

701.2

 

Reinsurance

 

26.0

 

19.5

 

202.7

 

163.6

 

Total Net Premiums Earned

 

$

131.5

 

$

96.0

 

$

1,076.5

 

$

864.8

 

 

 

 

 

 

 

 

 

 

 

Period-end Rates

 

 

 

 

 

 

 

 

 

10-Year U.S. Treasury Yield

 

4.59

%

4.64

%

 

 

 

 

FNMA 30-Year Fixed Rate MBS Coupon

 

5.97

%

5.86

%

 

 

 

 

 

(1) This data reflects 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) During December 2006, the Company began reporting Banking Operations purchases from third parties. Prior months have been restated to reflect these purchases.

(3) These loans are processed for Countrywide Bank by the Company's Mortgage Banking production divisions and Countrywide Commercial Real Estate Finance, Inc., purchased from non-affiliates or originated by Countrywide Bank and are included in “Total Loan Fundings” above.  The amounts include loans funded for both investment and for sale and commercial real estate loans processed by Countrywide Bank. The Company will report the amount of such loans subsequently sold on a quarterly basis.

(4) 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.

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

(6) Subservicing volume for non-Countrywide entities.

(7) Excluding subserviced loans and portfolios purchased at a discount due to their non-performing status. Delinquencies as a percentage of unpaid principal balance and numbers of loans serviced exclude loans in foreclosure.

(8) Includes trades with Mortgage Banking Segment.

 

 EX-99.2 3 a07-26438_1ex99d2.htm EX-99.2

Exhibit 99.2

 

COUNTRYWIDE FINANCIAL CORPORATION AND SUBSIDIARIES

ROLLING THIRTEEN MONTH STATISTICAL DATA

(Dollars in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sep-06

 

Oct-06

 

Nov-06

 

Dec-06

 

Jan-07

 

Feb-07

 

Mar-07

 

Apr-07

 

May-07

 

Jun-07

 

Jul-07

 

Aug-07

 

Sep-07

 

YTD

 

LOAN PRODUCTION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of Working Days in the Period

 

 

20

 

 

22

 

 

21

 

 

20

 

 

21

 

 

19

 

 

22

 

 

21

 

 

22

 

 

21

 

 

21

 

 

23

 

 

19

 

 

189

 

Average Daily Mortgage Loan Applications

 

$

2,836

 

$

2,642

 

$

2,729

 

$

2,735

 

$

2,820

 

$

3,009

 

$

3,134

 

$

2,937

 

$

3,126

 

$

3,144

 

$

2,662

 

$

2,334

 

$

1,740

 

$

2,775

 

Mortgage Loan Pipeline (loans-in-process)

 

$

65,316

 

$

60,939

 

$

62,004

 

$

57,217

 

$

58,697

 

$

63,945

 

$

69,389

 

$

68,747

 

$

69,744

 

$

68,533

 

$

62,295

 

$

51,828

 

$

41,507

 

 

 

Commercial Real Estate Loan Pipeline (loans-in-process)

 

$

1,415

 

$

1,824

 

$

2,232

 

$

1,991

 

$

1,954

 

$

2,381

 

$

3,207

 

$

2,845

 

$

2,319

 

$

2,206

 

$

2,211

 

$

1,613

 

$

1,323

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loan Fundings (1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retail Lending

 

$

12,436

 

$

13,669

 

$

12,809

 

$

13,949

 

$

12,647

 

$

11,955

 

$

14,409

 

$

13,578

 

$

14,377

 

$

14,043

 

$

12,667

 

$

13,016

 

$

9,330

 

$

116,022

 

Wholesale Lending

 

7,229

 

7,464

 

6,650

 

7,781

 

7,155

 

6,874

 

8,159

 

7,963

 

8,077

 

7,413

 

6,603

 

5,564

 

3,100

 

60,908

 

Correspondent Lending

 

16,534

 

19,399

 

17,764

 

18,370

 

16,261

 

14,896

 

18,616

 

18,294

 

20,803

 

21,875

 

19,267

 

15,597

 

8,609

 

154,218

 

Capital Markets Purchases

 

1,596

 

576

 

565

 

1,575

 

309

 

566

 

954

 

192

 

884

 

1,558

 

147

 

140

 

137

 

4,887

 

Banking Operations Purchases (1)

 

292

 

788

 

490

 

55

 

741

 

278

 

1,144

 

453

 

279

 

374

 

377

 

34

 

43

 

3,723

 

Total Mortgage Loan Fundings

 

38,087

 

41,896

 

38,278

 

41,730

 

37,113

 

34,569

 

43,282

 

40,480

 

44,420

 

45,263

 

39,061

 

34,351

 

21,219

 

339,758

 

Commercial Real Estate Lending

 

646

 

406

 

863

 

1,093

 

654

 

693

 

664

 

930

 

1,157

 

814

 

803

 

757

 

242

 

6,714

 

Total Loan Fundings

 

$

38,733

 

$

42,302

 

$

39,141

 

$

42,823

 

$

37,767

 

$

35,262

 

$

43,946

 

$

41,410

 

$

45,577

 

$

46,077

 

$

39,864

 

$

35,108

 

$

21,461

 

$

346,472

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Bank Loan Fundings (2)

 

$

11,998

 

$

17,994

 

$

15,725

 

$

15,744

 

$

15,520

 

$

13,669

 

$

14,533

 

$

16,048

 

$

19,325

 

$

20,699

 

$

21,080

 

$

27,396

 

$

19,182

 

$

167,452

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loan Fundings in Units (1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retail Lending

 

78,388

 

83,206

 

75,501

 

78,754

 

70,212

 

67,241

 

80,682

 

78,759

 

85,901

 

83,664

 

78,962

 

81,231

 

56,520

 

683,172

 

Wholesale Lending

 

35,448

 

36,813

 

32,856

 

38,199

 

34,318

 

32,665

 

38,936

 

38,582

 

39,513

 

36,209

 

32,769

 

27,408

 

15,844

 

296,244

 

Correspondent Lending

 

85,213

 

96,120

 

87,847

 

89,483

 

80,195

 

73,413

 

92,391

 

90,113

 

102,422

 

109,615

 

102,021

 

82,938

 

42,914

 

776,022

 

Capital Markets Purchases

 

5,832

 

2,594

 

2,198

 

5,860

 

951

 

1,817

 

2,884

 

738

 

3,336

 

4,651

 

508

 

470

 

226

 

15,581

 

Banking Operations Purchases (1)

 

807

 

11,463

 

1,527

 

183

 

9,395

 

2,670

 

7,552

 

2,723

 

2,110

 

6,638

 

6,345

 

164

 

—

 

37,597

 

Total Mortgage Loan Fundings

 

205,688

 

230,196

 

199,929

 

212,479

 

195,071

 

177,806

 

222,445

 

210,915

 

233,282

 

240,777

 

220,605

 

192,211

 

115,504

 

1,808,616

 

Commercial Real Estate Lending

 

56

 

97

 

70

 

87

 

60

 

64

 

88

 

89

 

170

 

137

 

103

 

141

 

88

 

940

 

Total Loan Fundings

 

205,744

 

230,293

 

199,999

 

212,566

 

195,131

 

177,870

 

222,533

 

211,004

 

233,452

 

240,914

 

220,708

 

192,352

 

115,592

 

1,809,556

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Bank Loan Fundings (2)

 

74,449

 

111,016

 

87,298

 

87,509

 

91,176

 

78,823

 

87,660

 

94,593

 

111,041

 

121,778

 

132,506

 

156,255

 

105,553

 

979,385

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage Loan Fundings (1)(3):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchase

 

$

17,677

 

$

17,403

 

$

15,960

 

$

17,147

 

$

13,268

 

$

12,633

 

$

17,265

 

$

15,866

 

$

18,642

 

$

20,739

 

$

18,711

 

$

17,193

 

$

9,637

 

$

143,954

 

Non-purchase

 

20,410

 

24,493

 

22,318

 

24,583

 

23,845

 

21,936

 

26,017

 

24,614

 

25,778

 

24,524

 

20,350

 

17,158

 

11,582

 

195,804

 

Total Mortgage Loan Fundings

 

$

38,087

 

$

41,896

 

$

38,278

 

$

41,730

 

$

37,113

 

$

34,569

 

$

43,282

 

$

40,480

 

$

44,420

 

$

45,263

 

$

39,061

 

$

34,351

 

$

21,219

 

$

339,758

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage Loan Fundings by Product (1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government Fundings

 

$

1,036

 

$

1,241

 

$

1,176

 

$

1,240

 

$

1,100

 

$

1,033

 

$

1,406

 

$

1,532

 

$

1,937

 

$

2,216

 

$

2,296

 

$

2,198

 

$

1,657

 

$

15,375

 

ARM Fundings

 

$

15,778

 

$

16,259

 

$

14,303

 

$

15,222

 

$

13,748

 

$

12,533

 

$

14,677

 

$

11,424

 

$

10,667

 

$

12,599

 

$

10,972

 

$

8,687

 

$

3,826

 

$

99,133

 

Home Equity Fundings

 

$

3,766

 

$

4,294

 

$

3,219

 

$

3,271

 

$

3,586

 

$

2,977

 

$

3,976

 

$

3,480

 

$

3,382

 

$

3,734

 

$

3,928

 

$

3,212

 

$

1,600

 

$

29,875

 

Nonprime Fundings

 

$

3,058

 

$

3,254

 

$

3,058

 

$

3,739

 

$

2,939

 

$

2,587

 

$

2,355

 

$

1,682

 

$

2,186

 

$

1,853

 

$

1,804

 

$

1,267

 

$

255

 

$

16,928

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MORTGAGE LOAN SERVICING (4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Volume

 

$

1,244,311

 

$

1,263,061

 

$

1,278,101

 

$

1,298,394

 

$

1,316,579

 

$

1,332,485

 

$

1,351,598

 

$

1,370,760

 

$

1,392,756

 

$

1,415,472

 

$

1,434,099

 

$

1,454,121

 

$

1,459,136

 

 

 

Units

 

7,964,033

 

8,043,817

 

8,110,072

 

8,198,873

 

8,277,857

 

8,347,533

 

8,438,625

 

8,522,364

 

8,625,522

 

8,737,534

 

8,840,474

 

8,964,565

 

8,982,308

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subservicing Volume (5)

 

$

20,552

 

$

21,125

 

$

18,692

 

$

18,275

 

$

17,244

 

$

16,455

 

$

16,258

 

$

16,338

 

$

16,144

 

$

16,263

 

$

17,294

 

$

23,530

 

$

22,921

 

 

 

Subservicing Units

 

193,536

 

193,170

 

183,359

 

179,293

 

174,330

 

170,625

 

172,916

 

171,381

 

169,041

 

168,026

 

173,490

 

224,476

 

220,898

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prepayments in Full

 

$

16,907

 

$

20,142

 

$

19,455

 

$

21,315

 

$

19,126

 

$

17,810

 

$

20,896

 

$

20,088

 

$

21,135

 

$

18,577

 

$

16,636

 

$

15,199

 

$

10,829

 

$

160,296

 

Bulk Servicing Acquisitions

 

$

2,375

 

$

3,913

 

$

2,164

 

$

6,589

 

$

1,103

 

$

6,136

 

$

5,198

 

$

2,962

 

$

2,650

 

$

2,401

 

$

42

 

$

1,106

 

$

64

 

$

21,662

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Servicing Portfolio Performance - CHL (6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Delinquency as a percentage of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

unpaid principal balance

 

4.04

%

3.97

%

4.15

%

4.60

%

4.32

%

4.48

%

4.07

%

4.23

%

4.44

%

4.77

%

4.89

%

4.90

%

5.85

%

 

 

number of loans serviced

 

4.50

%

4.43

%

4.57

%

5.02

%

4.71

%

4.71

%

4.29

%

4.45

%

4.71

%

4.98

%

5.10

%

5.05

%

5.87

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreclosures Pending as a percentage of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

unpaid principal balance

 

0.51

%

0.58

%

0.62

%

0.70

%

0.77

%

0.80

%

0.83

%

0.85

%

0.90

%

0.96

%

1.04

%

1.20

%

1.27

%

 

 

number of loans serviced

 

0.52

%

0.56

%

0.60

%

0.65

%

0.69

%

0.70

%

0.69

%

0.69

%

0.71

%

0.74

%

0.79

%

0.89

%

0.92

%

 

 

 


 

COUNTRYWIDE FINANCIAL CORPORATION AND SUBSIDIARIES

ROLLING THIRTEEN MONTH STATISTICAL DATA

(Dollars in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sep-06

 

Oct-06

 

Nov-06

 

Dec-06

 

Jan-07

 

Feb-07

 

Mar-07

 

Apr-07

 

May-07

 

Jun-07

 

Jul-07

 

Aug-07

 

Sep-07

 

YTD

 

LOAN CLOSING SERVICES (units)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit Reports

 

788,458

 

837,157

 

744,719

 

675,767

 

897,918

 

823,272

 

1,109,878

 

982,765

 

1,023,073

 

1,026,845

 

1,007,235

 

1,071,685

 

746,947

 

8,689,618

 

Flood Determinations

 

273,293

 

290,196

 

292,759

 

260,263

 

310,340

 

247,297

 

305,214

 

274,407

 

342,574

 

293,131

 

282,930

 

287,852

 

276,625

 

2,620,370

 

Appraisals

 

104,930

 

118,105

 

110,071

 

109,116

 

108,450

 

104,652

 

123,070

 

116,062

 

125,420

 

126,686

 

158,876

 

164,453

 

132,067

 

1,159,736

 

Automated Property Valuation Services

 

699,238

 

539,126

 

902,351

 

447,833

 

539,439

 

1,257,809

 

573,932

 

634,281

 

1,003,475

 

698,273

 

668,721

 

1,056,932

 

1,251,064

 

7,683,926

 

Other

 

17,471

 

21,167

 

20,595

 

22,031

 

25,756

 

23,599

 

24,179

 

24,020

 

26,640

 

27,245

 

31,474

 

37,356

 

30,267

 

250,536

 

Total Units

 

1,883,390

 

1,805,751

 

2,070,495

 

1,515,010

 

1,881,903

 

2,456,629

 

2,136,273

 

2,031,535

 

2,521,182

 

2,172,180

 

2,149,236

 

2,618,278

 

2,436,970

 

20,404,186

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CAPITAL MARKETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities Trading Volume (7)

 

$

301,179

 

$

299,790

 

$

325,784

 

$

361,725

 

$

312,666

 

$

288,731

 

$

396,545

 

$

308,694

 

$

350,850

 

$

450,200

 

$

370,513

 

$

413,899

 

$

272,229

 

$

3,164,327

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BANKING

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Banking Operations Assets (in billions)

 

$

88

 

$

83

 

$

82

 

$

83

 

$

83

 

$

84

 

$

84

 

$

86

 

$

87

 

$

90

 

$

90

 

$

94

 

$

101

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INSURANCE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Premiums Earned:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Carrier

 

$

76.5

 

$

81.0

 

$

80.0

 

$

85.6

 

$

90.7

 

$

89.1

 

$

91.1

 

$

89.3

 

$

95.7

 

$

102.0

 

$

100.3

 

$

110.1

 

$

105.5

 

$

873.8

 

Reinsurance

 

19.5

 

19.5

 

20.1

 

20.3

 

20.8

 

21.6

 

20.9

 

20.9

 

21.9

 

22.6

 

23.3

 

24.7

 

26.0

 

202.7

 

Total Net Premiums Earned

 

$

96.0

 

$

100.5

 

$

100.1

 

$

105.9

 

$

111.5

 

$

110.7

 

$

112.0

 

$

110.2

 

$

117.6

 

$

124.6

 

$

123.6

 

$

134.8

 

$

131.5

 

$

1,076.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Workforce Head Count: (8)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loan Originations

 

32,013

 

32,395

 

31,906

 

31,606

 

31,633

 

31,721

 

31,849

 

32,641

 

32,966

 

33,796

 

34,326

 

33,658

 

29,085

 

 

 

Loan Servicing

 

6,959

 

6,951

 

6,968

 

6,980

 

7,145

 

7,209

 

7,256

 

7,453

 

7,818

 

7,897

 

8,059

 

8,182

 

8,283

 

 

 

Loan Closing Services

 

1,665

 

1,668

 

1,657

 

1,681

 

1,702

 

1,758

 

1,793

 

1,851

 

1,858

 

1,935

 

2,029

 

1,984

 

1,858

 

 

 

Banking

 

2,476

 

2,075

 

2,047

 

1,997

 

1,952

 

1,957

 

1,967

 

2,057

 

2,377

 

2,496

 

2,491

 

2,291

 

2,406

 

 

 

Capital Markets

 

858

 

854

 

878

 

886

 

903

 

928

 

996

 

1,035

 

1,064

 

1,098

 

1,136

 

1,123

 

1,012

 

 

 

Insurance

 

2,135

 

2,095

 

2,052

 

1,980

 

2,040

 

2,068

 

2,106

 

2,143

 

2,211

 

2,219

 

2,296

 

2,273

 

2,331

 

 

 

Global Operations

 

2,291

 

2,550

 

2,652

 

2,784

 

2,817

 

2,834

 

3,052

 

3,477

 

3,646

 

3,770

 

3,891

 

4,055

 

4,120

 

 

 

Corporate Overhead & Other

 

7,167

 

6,846

 

6,802

 

6,741

 

6,793

 

6,836

 

6,904

 

7,025

 

7,071

 

7,216

 

7,358

 

7,301

 

6,837

 

 

 

Total Workforce Head Count

 

55,564

 

55,434

 

54,962

 

54,655

 

54,985

 

55,311

 

55,923

 

57,682

 

59,011

 

60,427

 

61,586

 

60,867

 

55,932

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Period-end Rates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10-Year U.S. Treasury Yield

 

4.64

%

4.61

%

4.46

%

4.71

%

4.83

%

4.56

%

4.65

%

4.63

%

4.90

%

5.03

%

4.78

%

4.54

%

4.59

%

 

 

FNMA 30-Year Fixed Rate MBS Coupon

 

5.86

%

5.79

%

5.57

%

5.79

%

5.91

%

5.72

%

5.77

%

5.76

%

6.04

%

6.26

%

6.21

%

6.01

%

5.97

%

 

 

 

(1) During December 2006, the Company began reporting Banking Operations purchases from third parties. Prior months have been restated to reflect these purchases.

(2) These loans are processed for Countrywide Bank by the Company’s Mortgage Banking production divisions and Countrywide Commercial Real Estate Finance, Inc., purchased from non-affiliates or originated by Countrywide Bank and are included in “Total Loan Fundings” above. The amounts include loans funded for both investment and for sale and commercial real estate loans processed by Countrywide Bank. The Company will report the amount of such loans subsequently sold on a quarterly basis.

(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 for others, including those under subservicing agreements.

(5) Subservicing volume for non-Countrywide entities.

(6) Excluding subserviced loans and portfolios purchased at a discount due to their non-performing status. Delinquencies as a percentage of unpaid principal balance and numbers of loans serviced exclude loans in foreclosure.

(7) Includes trades with Mortgage Banking Segment.

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

 

# # #

 

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