CALABASAS, Calif., March 13 /PRNewswire-FirstCall/ -- Countrywide
Financial Corporation (NYSE:CFC) released operational data for the
month ended February 29, 2008. A summary of the Company's key
operating statistics is included below: * Average daily mortgage
loan application activity for February 2008 was $1.9 billion, which
compares to $2.6 billion for January 2008. The mortgage loan
pipeline was $48 billion at February 29, 2008, as compared to $51
billion at January 31, 2008. * Mortgage loan fundings for the month
of February 2008 were $26 billion, up 17 percent from January 2008.
* The mortgage loan servicing portfolio was $1.48 trillion at
February 29, 2008, up $1.6 billion from January 31, 2008 and $149
billion from February 28, 2007. * Banking Operations' assets were
$112 billion at February 29, 2008, which compares to $111 billion
at January 31, 2008 and $84 billion at February 28, 2007. * Banking
Operations' deposits totaled $64 billion at February 29, 2008,
which compares to total deposits of $60 billion at January 31, 2008
and $55 billion at February 28, 2007. * Securities trading volume
in the Capital Markets segment was $315 billion for February 2008
as compared to $336 billion for January 2008 and $289 billion for
February 2007. * Net earned premiums from the Insurance segment
were $162 million in February 2008, which compares to $163 million
for January 2008 and $111 million for February 2007. Consistent
with industry practice, Countrywide going forward will provide
operational results on a quarterly basis only and will no longer
issue monthly operational press releases. 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 Year-to-Date February 29 February 28 February
29 February 28 2008 2007 2008 2007 LOAN PRODUCTION Number of
Working Days in the Period 20 19 41 40 Average Daily Mortgage Loan
Applications $1,924 $3,009 $2,290 $2,910 Mortgage Loan Pipeline
(loans-in-process) $47,559 $63,945 Commercial Real Estate Loan
Pipeline (loans-in-process) $227 $2,381 Loan Fundings: Retail
Lending $12,391 $11,955 $21,787 $24,602 Wholesale Lending 3,501
6,874 6,043 14,029 Correspondent Lending 9,615 14,896 19,505 31,157
Capital Markets Purchases - 566 3 875 Banking Operations Purchases
80 278 134 1,019 Total Mortgage Loan Fundings 25,587 34,569 47,472
71,682 Commercial Real Estate Lending 16 693 66 1,347 Total Loan
Fundings $25,603 $35,262 $47,538 $73,029 Total Bank Loan Fundings
(2) $24,779 $13,669 $45,869 $29,189 Loan Fundings in Units: Retail
Lending 59,813 67,241 106,611 137,453 Wholesale Lending 15,743
32,665 27,417 66,983 Correspondent Lending 44,186 73,413 91,487
153,608 Capital Markets Purchases - 1,817 4 2,768 Banking
Operations Purchases 53 2,670 108 12,065 Total Mortgage Loan
Fundings 119,795 177,806 225,627 372,877 Commercial Real Estate
Lending 5 64 16 124 Total Loan Fundings 119,800 177,870 225,643
373,001 Total Bank Loan Fundings (2) 117,667 78,823 221,675 169,999
Mortgage Loan Fundings (3): Purchase $6,132 $12,633 $12,963 $25,901
Non-purchase 19,455 21,936 34,509 45,781 Total Mortgage Loan
Fundings $25,587 $34,569 $47,472 $71,682 Mortgage Loan Fundings by
Product: Government Fundings $3,248 $1,033 $5,807 $2,133 ARM
Fundings $3,931 $12,533 $6,763 $26,281 Home Equity Fundings $691
$2,977 $1,563 $6,563 Nonprime Fundings $- $2,587 $- $5,526 MORTGAGE
LOAN SERVICING (4) Volume $1,481,443 $1,332,485 Units 9,007,684
8,347,533 Subservicing Volume (5) $23,772 $16,455 Subservicing
Units 207,066 170,625 Prepayments in Full $18,510 $17,810 $30,969
$36,936 Bulk Servicing Acquisitions $19 $6,136 $46 $7,239 Servicing
Portfolio Performance - CHL (6) Delinquency as a percentage of:
unpaid principal balance 7.44% 4.48% number of loans serviced 6.91%
4.71% Foreclosures Pending as a percentage of: unpaid principal
balance 1.64% 0.80% number of loans serviced 1.13% 0.70%
COUNTRYWIDE FINANCIAL CORPORATION AND SUBSIDIARIES OPERATING
STATISTICS(1) (Dollars in Millions) Month Ended Year-to-Date
February 29 February 28 February 29 February 28 2008 2007 2008 2007
LOAN CLOSING SERVICES (units) Credit Reports 732,368 823,272
1,584,773 1,721,190 Flood Determinations 205,207 247,297 417,286
557,637 Appraisals 157,742 104,652 313,773 213,102 Automated
Property Valuation Services 1,384,692 1,257,809 2,681,037 1,797,248
Other 32,023 23,599 66,234 49,355 Total Units 2,512,032 2,456,629
5,063,103 4,338,532 CAPITAL MARKETS Securities Trading Volume (7)
$314,840 $288,731 $650,464 $601,397 BANKING Banking Operations
Assets (in billions) $112 $84 INSURANCE Net Premiums Earned:
Carrier $132.1 $89.1 $265.3 $179.8 Reinsurance 30.4 21.6 60.5 42.4
Total Net Premiums Earned $162.5 $110.7 $325.8 $222.2 Period-end
Rates 10-Year U.S. Treasury Yield 3.53% 4.56% FNMA 30-Year Fixed
Rate MBS Coupon 5.34% 5.72% (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. 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. (C)2007
Countrywide Financial Corporation. Trade/service marks are the
property of Countrywide Financial Corporation and/or its
subsidiaries. All rights reserved. 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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