Countrywide is a diversified financial services company with mortgage banking at its core, founded in 1969 by two New Yorkers, Angelo Mozilo and David Loeb when they began the Countrywide Credit Industries. Expansion began in 1979, and by the next year, Countrywide had 40 offices in downtown Los Angeles, and in 1981, Countrywide Securities Corporation, a broker-dealer subsidiary that would sell securities backed by loans produced was formed.
Countrywide hit ?
Brief history
Countrywide is a diversified monetary services business with mortgage banking at its core, founded in 1969 by two New Yorkers, Angelo Mozilo and David Loeb when they began the Countrywide Credit Industries. Expansion began in 1979, and by the next year, Countrywide had 40 offices in downtown Los Angeles, and in 1981, Countrywide Securities Corporation, a broker-dealer subsidiary that would sell securities backed by loans produced was formed.
Countrywide hit the $1 billion mark in loan servicing in 1984. In 1985, Forbes Magazine listed Countrywide as one particular of the 200 Finest Modest Businesses, and in 1987, Fortune Magazine?s Best 100 Stocks of the Year ranked the company at 37th. During this period, Countrywide moved its headquarters to Pasadena, California.
In 1992, Countrywide launched Property America, a formal affordable lending system, intended to reach out to minority communities, and low and moderate earnings citizens as a solution for homeownership. By 1995, the Consumer Markets Division was began, an approach to reach out directly to buyers. In the year that followed, Countrywide launched the House Equity Lending Division and Full Spectrum Lending, Inc (to offer loans to borrowers with negative credit).
In 1999, CW Technology Solutions, a new subsidiary was launched with core applications for international mortgage processing operations, such as arrears systems, loan origination, servicing. Then in November 2000, another subsidiary that would serve as the European affiliate of Countrywide Securities Corporation, Countrywide Capital Markets International, Ltd. (CCM) was launched.
In January 2006, Countrywide was granted by Inside Mortgage Finance the status of Americas No.1 house loan lender, and by this time, Countrywide Bank had grown to become the 11th biggest bank, and the fastest expanding amongst the key banks in the United States. This is the same year in which Countrywide became the 1st the initial mortgage lender to hit the $1 trillion mark in loan servicing.
Countrywide Residence Equity Loan Programs:
House Equity Loan ? in which principal and interest payment remains the very same more than the life of the loan
Property Equity Line of Credit ? Low start off interest rate, then variable monthly rate based on the prime rate as published in The Wall Street Journal plus a margin or outstanding balance.
Combining Property Equity Loans or Lines of Credit with Very first Mortgages which is accessible on most Countrywide loan programs, featuring extra tax benefits.
Super Streamline Home Equity Line of Credit ? Positive aspects are related to Home Equity Line of Credit, but with much less paperwork and prepared cash for those whose job and financial circumstance haven?t changed substantially right after their loans have been closed recently. You can borrow against up to 90% of your home?s value.
125% Equity Loan ? Loan amounts up to 125% of the value of the home
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Source: http://www.articleplusx.com/2012/02/understanding-countrywide-home-equity-loan/
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