Countrywide’s Nonprime Business Down

Countrywide Financial Corp. said today that nonprime mortgage fundings declined 29 percent in the month of March compared to March 2006 to $2.4 billion. Total mortgage fundings at the Calabasas-based company rose 5 percent to $43 billion, compared to March, 2006. “Production volume was dominated by refinance and fixed-rate loan activity, which accounted for 60 percent and 66 percent of total mortgage loan originations respectively for the month of March 2007,” said David Sambol, president and COO of Countrywide in a written statement. Countrywide’s loan servicing volume rose 17 percent to $1.4 trillion at March 31, 2007.