The CFC Miss- Production Side Falling Apart, Mortgage Servicing Weakening and the Loan Quality of Outstandings is Weaker- 2004 Guidance: $9 to $12 EPS (which is it??)
The Calabasas, California company has said its mortgage servicing business should help shield it from declining loan growth. But that business does not perform as well amid lower interest rates, such as those seen during the fourth quarter, since a declining rate environment tends to decrease the life of the portfolio. Countrywide said new mortgage application daily volume fell to $1.3 billion during December, from $1.5 billion in November and $1.9 billion a year ago. The portfolio of loans for which it provides servicing rose to $645 billion from $631 billion at the end of November.
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