CFC Countrywide Financial Corp

CALABASAS, Calif., Feb. 15 /PRNewswire-FirstCall/ -- Countrywide Financial Corporation (NYSE:CFC) released operational data for the month ended January 31, 2008. A summary of the Company's key operating statistics is included below: -- Average daily mortgage loan application activity for January 2008 was $2.6 billion, which compares to $1.5 billion for December 2007. The mortgage loan pipeline was $51 billion at January 31, 2008, as compared to $35 billion for December 2007. -- Mortgage loan fundings for the month of January 2008 were $22 billion, down six percent from December 2007. -- The mortgage loan servicing portfolio increased modestly to $1.48 trillion at January 31, 2008, up $3.6 billion from December 31, 2007 and $163 billion from January 31, 2007. -- Banking Operations' assets were $111 billion at January 31, 2008, which compares to $113 billion at December 31, 2007 and $83 billion at January 31, 2007. -- Securities trading volume in the Capital Markets segment was $336 billion for January 2008 as compared to $315 billion for December 2007 and $313 billion for January 2007. -- Net earned premiums from the Insurance segment were $163 million in January 2008, which compares to $164 million for December 2007 and $112 million for January 2007. 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 http://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: lack of or further reduced access to corporate debt markets or other sources of liquidity; additional disruptions in the secondary mortgage market; increased credit losses due to downward trends in the economy and in the real estate market, including as a result of continued increases in the delinquency rates of borrowers and slower or negative home price appreciation; adverse changes in the Company's credit ratings, including any downgrade that causes the Company to lose its investment grade credit rating; continued increases in credit exposure resulting from the Company's decision to retain more loans in its portfolio of loans held for investment; competitive conditions in each of the Company's business segments; unexpected changes in general business, economic, market and political conditions in the United States; reduction in government support of homeownership; the level and volatility of interest rates; changes in interest rate paths; 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; unforeseen cash or capital requirements; 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) COUNTRYWIDE FINANCIAL CORPORATION AND SUBSIDIARIES OPERATING STATISTICS(1) (Dollars in Millions) Month Ended January 31, 2008 2007 LOAN PRODUCTION Number of Working Days in the Period 21 21 Average Daily Mortgage Loan Applications $2,639 $2,820 Mortgage Loan Pipeline (loans-in- process) $51,038 $58,697 Commercial Real Estate Loan Pipeline (loans-in-process) $254 $1,954 Loan Fundings: Retail Lending $9,396 $12,647 Wholesale Lending 2,542 7,155 Correspondent Lending 9,890 16,261 Capital Markets Purchases 3 309 Banking Operations Purchases 54 741 Total Mortgage Loan Fundings 21,885 37,113 Commercial Real Estate Lending 50 654 Total Loan Fundings $21,935 $37,767 Total Bank Loan Fundings (2) $21,090 $15,520 Loan Fundings in Units: Retail Lending 46,798 70,212 Wholesale Lending 11,674 34,318 Correspondent Lending 47,301 80,195 Capital Markets Purchases 4 951 Banking Operations Purchases 55 9,395 Total Mortgage Loan Fundings 105,832 195,071 Commercial Real Estate Lending 11 60 Total Loan Fundings 105,843 195,131 Total Bank Loan Fundings (2) 104,008 91,176 Mortgage Loan Fundings (3): Purchase $6,831 $13,268 Non-purchase 15,054 23,845 Total Mortgage Loan Fundings $21,885 $37,113 Mortgage Loan Fundings by Product: Government Fundings $2,559 $1,100 ARM Fundings $2,832 $13,748 Home Equity Fundings $872 $3,586 Nonprime Fundings $- $2,939 MORTGAGE LOAN SERVICING (4) Volume $1,479,852 $1,316,579 Units 9,022,399 8,277,857 Subservicing Volume (5) $24,212 $17,244 Subservicing Units 210,814 174,330 Prepayments in Full $12,459 $19,126 Bulk Servicing Acquisitions $27 $1,103 Servicing Portfolio Performance - CHL (6) Delinquency as a percentage of: unpaid principal balance 7.47% 4.32% number of loans serviced 7.09% 4.71% Foreclosures Pending as a percentage of: unpaid principal balance 1.48% 0.77% number of loans serviced 1.05% 0.69% LOAN CLOSING SERVICES (units) Credit Reports 852,405 897,918 Flood Determinations 2,639 310,340 Appraisals 156,031 108,450 Automated Property Valuation Services 1,296,345 539,439 Other 34,211 25,756 Total Units 2,341,631 1,881,903 CAPITAL MARKETS Securities Trading Volume (7) $335,624 $312,666 BANKING Banking Operations Assets (in billions) $111 $83 INSURANCE Net Premiums Earned: Carrier $133.2 $90.7 Reinsurance 30.1 20.8 Total Net Premiums Earned $163.3 $111.5 Period-end Rates 10-Year U.S. Treasury Yield 3.67% 4.83% FNMA 30-Year Fixed Rate MBS Coupon 5.05% 5.91% (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) These loans are processed by the Company's Mortgage Banking production divisions and Countrywide Commercial Real Estate Finance, Inc. or purchased from non-affiliates and are included in "Total Loan Fundings" above. The amounts include loans funded for both investment and for sale. 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. DATASOURCE: Countrywide Financial Corporation CONTACT: Investors, David Bigelow or Lisa Riordan, +1-818-225-3550, or Media, 1-800-796-8448, all of Countrywide Financial Corporation Web site: http://www.countrywide.com/

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