EX-99.1 2 a07-31359_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 NOVEMBER 2007 OPERATIONAL RESULTS

 

CALABASAS, CA (December 13, 2007) – Countrywide Financial Corporation (NYSE: CFC) released operational data for the month ended November 30, 2007.  Key operational results included the following:

·    Mortgage loan fundings for the month of November 2007 totaled $23 billion, a 40 percent decline from November 2006.

·    Average daily mortgage loan application activity for November 2007 was $1.9 billion, a 32 percent decrease from November 2006.  The mortgage loan pipeline was $43 billion at November 30, 2007, as compared to $62 billion for the same period last year.

·    The mortgage loan servicing portfolio continued to grow, reaching $1.47 trillion at November 30, 2007.  This is an increase of $193 billion, or 15 percent, from November 30, 2006.

·    Banking Operations’ assets were $109 billion at November 30, 2007, which compares to $82 billion at November 30, 2006.

·    Securities trading volume in the Capital Markets segment of $294 billion for November 2007 was 10 percent lower when compared with the same month last year.

·    Net earned premiums from the Insurance segment were $147 million in November 2007, up 47 percent from November 2006.

 

“November’s operating results reflect the trends of today’s mortgage market,” said David Sambol, President and Chief Operating Officer.  “Our total mortgage loan fundings were up 5 percent from the prior month, while average daily applications and the mortgage pipeline were up 6 percent and 4 percent, respectively, from October levels.  Origination mix continues to shift as third-party originated fundings as a percent of total mortgage loan fundings have decreased year-over-year and retail fundings as a percent of total have increased.  In addition, government fundings represented 10 percent of total mortgage loan fundings in November 2007 versus 3 percent in November 2006.”

 

 

 

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.

 


 

“Retail deposits at Countrywide Bank continued to grow during the month, and totaled $31 billion at the end of November, up from $29 billion last month and $24 billion at the end of November 2006,” Sambol continued.   “Our plan to have nearly 200 financial centers open by year-end is on track with 170 up and running at the end of November.”

 

“Countrywide is pleased with the Bush administration’s endorsement of the industry’s HOPE NOW initiative,” Sambol concluded.  “As a founding member and strong advocate of the HOPE NOW Alliance, we commend all those involved for seeking ways to work together on a solution to assist borrowers facing challenges in today’s marketplace.  This initiative aligns with Countrywide’s own $16 billion home preservation plan announced in October.”

 

 

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 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.

 

(Tables follow)

 

 

 

 

2

 

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.

 


 

COUNTRYWIDE FINANCIAL CORPORATION AND SUBSIDIARIES

OPERATING STATISTICS(1)

(Dollars in Millions)

 

 

 

Month Ended

 

Year-to-Date

 

 

 

November 30

 

November 30

 

November 30

 

November 30

 

 

 

2007

 

2006

 

2007

 

2006

 

LOAN PRODUCTION

 

 

 

 

 

 

 

 

 

Number of Working Days in the Period

 

21

 

21

 

233

 

232

 

Average Daily Mortgage Loan Applications

 

$

1,851

 

$

2,729

 

$

2,591

 

$

2,635

 

Mortgage Loan Pipeline (loans-in-process)

 

$

42,580

 

$

62,004

 

 

 

 

 

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

 

$

639

 

$

2,232

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loan Fundings (2):

 

 

 

 

 

 

 

 

 

Retail Lending

 

$

9,465

 

$

12,809

 

$

135,084

 

$

141,830

 

Wholesale Lending

 

3,063

 

6,650

 

67,191

 

87,756

 

Correspondent Lending

 

9,852

 

17,764

 

173,098

 

166,961

 

Capital Markets Purchases

 

5

 

565

 

4,977

 

16,083

 

Banking Operations Purchases (2)

 

742

 

490

 

4,498

 

8,141

 

Total Mortgage Loan Fundings

 

23,127

 

38,278

 

384,848

 

420,771

 

Commercial Real Estate Lending

 

121

 

863

 

7,240

 

4,578

 

Total Loan Fundings

 

$

23,248

 

$

39,141

 

$

392,088

 

$

425,349

 

 

 

 

 

 

 

 

 

 

 

Total Bank Loan Fundings(3)

 

$

21,171

 

$

15,725

 

$

208,912

 

$

114,028

 

 

 

 

 

 

 

 

 

 

 

Loan Fundings in Units (2):

 

 

 

 

 

 

 

 

 

Retail Lending

 

53,072

 

75,501

 

792,870

 

903,381

 

Wholesale Lending

 

14,992

 

32,856

 

327,355

 

428,066

 

Correspondent Lending

 

47,440

 

87,847

 

868,002

 

836,984

 

Capital Markets Purchases

 

10

 

2,198

 

15,736

 

61,903

 

Banking Operations Purchases (2)

 

9,917

 

1,527

 

47,514

 

63,618

 

Total Mortgage Loan Fundings

 

125,431

 

199,929

 

2,051,477

 

2,293,952

 

Commercial Real Estate Lending

 

36

 

70

 

1,042

 

533

 

Total Loan Fundings

 

125,467

 

199,999

 

2,052,519

 

2,294,485

 

 

 

 

 

 

 

 

 

 

 

Total Bank Loan Fundings(3)

 

116,590

 

87,298

 

1,205,867

 

750,665

 

 

 

 

 

 

 

 

 

 

 

Mortgage Loan Fundings (2)(4):

 

 

 

 

 

 

 

 

 

Purchase

 

$

9,732

 

$

15,960

 

$

162,990

 

$

191,174

 

Non-purchase

 

13,395

 

22,318

 

221,858

 

229,597

 

Total Mortgage Loan Fundings

 

$

23,127

 

$

38,278

 

$

384,848

 

$

420,771

 

 

 

 

 

 

 

 

 

 

 

Mortgage Loan Fundings by Product (2):

 

 

 

 

 

 

 

 

 

Government Fundings

 

$

2,406

 

$

1,176

 

$

19,910

 

$

11,853

 

ARM Fundings

 

$

3,326

 

$

14,303

 

$

105,554

 

$

195,680

 

Home Equity Fundings

 

$

1,903

 

$

3,219

 

$

33,135

 

$

44,605

 

Nonprime Fundings

 

$

17

 

$

3,058

 

$

16,987

 

$

36,857

 

 

 

 

 

 

 

 

 

 

 

MORTGAGE LOAN SERVICING (5)

 

 

 

 

 

 

 

 

 

Volume

 

$

1,470,845

 

$

1,278,101

 

 

 

 

 

Units

 

9,021,138

 

8,110,072

 

 

 

 

 

Subservicing Volume (6)

 

$

24,670

 

$

18,692

 

 

 

 

 

Subservicing Units

 

229,073

 

183,359

 

 

 

 

 

Prepayments in Full

 

$

11,635

 

$

19,455

 

$

184,653

 

$

195,486

 

Bulk Servicing Acquisitions

 

$

21

 

$

2,164

 

$

21,719

 

$

9,192

 

Servicing Portfolio Performance - CHL(7)

 

 

 

 

 

 

 

 

 

Delinquency as a percentage of:

 

 

 

 

 

 

 

 

 

unpaid principal balance

 

6.52

%

4.15

%

 

 

 

 

number of loans serviced

 

6.34

%

4.57

%

 

 

 

 

Foreclosures Pending as a percentage of:

 

 

 

 

 

 

 

 

 

unpaid principal balance

 

1.28

%

0.62

%

 

 

 

 

number of loans serviced

 

0.94

%

0.60

%

 

 

 

 

 

(more)

 


 

COUNTRYWIDE FINANCIAL CORPORATION AND SUBSIDIARIES

OPERATING STATISTICS(1)

(Dollars in Millions)

 

 

 

Month Ended

 

Year-to-Date

 

 

 

November 30

 

November 30

 

November 30

 

November 30

 

 

 

2007

 

2006

 

2007

 

2006

 

LOAN CLOSING SERVICES (units)

 

 

 

 

 

 

 

 

 

Credit Reports

 

694,475

 

744,719

 

10,195,727

 

9,292,633

 

Flood Determinations

 

181,432

 

292,759

 

3,016,726

 

3,116,577

 

Appraisals

 

147,374

 

110,071

 

1,462,078

 

1,168,289

 

Automated Property Valuation Services

 

883,978

 

902,351

 

14,361,075

 

7,645,711

 

Other

 

28,462

 

20,595

 

309,660

 

192,462

 

Total Units

 

1,935,721

 

2,070,495

 

29,345,266

 

21,415,672

 

 

 

 

 

 

 

 

 

 

 

CAPITAL MARKETS

 

 

 

 

 

 

 

 

 

Securities Trading Volume (8)

 

$

293,597

 

$

325,784

 

$

3,718,167

 

$

3,471,175

 

 

 

 

 

 

 

 

 

 

 

BANKING

 

 

 

 

 

 

 

 

 

Banking Operations Assets (in billions)

 

$

109

 

$

82

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INSURANCE

 

 

 

 

 

 

 

 

 

Net Premiums Earned:

 

 

 

 

 

 

 

 

 

Carrier

 

$

117.5

 

$

80.0

 

$

1,099.8

 

$

862.2

 

Reinsurance

 

29.2

 

20.1

 

259.5

 

203.2

 

Total Net Premiums Earned

 

$

146.7

 

$

100.1

 

$

1,359.3

 

$

1,065.4

 

 

 

 

 

 

 

 

 

 

 

Period-end Rates

 

 

 

 

 

 

 

 

 

10-Year U.S. Treasury Yield

 

3.97

%

4.46

%

 

 

 

 

FNMA 30-Year Fixed Rate MBS Coupon

 

5.39

%

5.57

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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.

 

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