Countrywide Securities' lending volumes have remained strong despite the composition of its production changing profoundly, according to a regular update on the mortgage originator's production and application trends released recently.
Overall issuance activity remained within the range it has been in the past year, Countrywide analysts said. The production composition continued to favor fixed-rate products. About 65% of Countrywide's total loan production was in fixed rate as of April. This compares to just over 40% a year ago and 50% as of September 2006. Hybrid ARMs made up the second largest category at just under 20%. While hybrid ARMs dipped in April, it had been steadily rising since about November of last year.