|
Brief history
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 started 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 made was formed.
Countrywide hit the $1 billion mark in loan servicing in 1984. In 1985,
Forbes Magazine listed Countrywide as one of the 200 Best Small
Companies, and in 1987, Fortune Magazine's Top 100 Stocks of the Year
ranked the company at 37th. During this period, Countrywide moved its
headquarters to Pasadena, California.
In 1992, Countrywide launched “House America”, a formal affordable
lending program, intended to reach out to minority communities, and low
and moderate income citizens as a solution for homeownership. By 1995,
the Consumer Markets Division was started, an approach to reach out
directly to consumers. In the year that followed, Countrywide launched
the Home Equity Lending Division and Full Spectrum Lending, Inc (to
offer loans to borrowers with bad 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 America’s No.1 home loan lender, and by this time,
Countrywide Bank had grown to become the 11th largest bank, and the
fastest growing among the major banks in the United States. This is the
same year in which Countrywide became the first the first mortgage
lender to hit the $1 trillion mark in loan servicing.
Countrywide Home Equity Loan Programs:
• Home Equity Loan - in which principal and interest payment remains the same over the life of the loan
• Home Equity Line of Credit - Low start 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 Home Equity Loans or Lines of Credit with First Mortgages –
which is available on most Countrywide loan programs, featuring
additional tax advantages.
• Super Streamline Home Equity Line of Credit - Benefits are similar to
Home Equity Line of Credit, but with less paperwork and ready cash for
those whose job and financial situation haven't changed significantly
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 |