Countrywide Financial Corp. today reported net income increased 27 percent to $722 million or $1.15 per share for the second quarter ended June 30, 2006, compared to earnings of $566 million for the comparable period a year ago. The Calabasas-based mortgage company’s revenues for the same period rose 30 percent to $3 billion versus $2.3 billion in the second quarter a year ago. Total loan fundings for the company declined 3 percent in the period to $118 million while the loan servicing portfolio grew 24 percent to $1.2 billion. Countrywide officials said the company plans to introduce reverse mortgage products as well as enhanced refinance programs by the end of the year. Countrywide CEO Angelo R. Mozilo noted that the company achieved a 25 percent year-over-year growth in diluted earnings per share despite a 121 basis point increase in the 10-year treasury yield and a 3 percent decline in total loan funding volume. “This demonstrated the power of our business model, as the strategic counterbalancing of our production and servicing sectors fueled positive results in our mortgage banking segment,” Mozilo said in announcing the results.
