Countrywide Home Loans Inc. reported that its total loan production volume was $121 billion, up 21% from 2Q04. Pre-tax earnings in the Mortgage Banking segment were $526 million, versus $1 billion in the year-ago period. Additionally, Countrywide's servicing portfolio has grown by $238 billion, or 33% since June 2004, and now totals $964 billion.
In its preannouncement last Friday, Countrywide reported a 63% increase in its pipeline from the previous year to $77B as of 30 June 2005. The reported 63% rise in its pipeline from the previous year raised concerns of a supply overhang, according to Credit Suisse First Boston analysts.