Understanding Countrywide Home Equity Loan

Understanding Countrywide Home Equity Loan

Quick history

Countrywide is a diversified monetary services company with home mortgage banking at its core, founded in 1969 by 2 New Yorkers, Angelo Mozilo and David Loeb when they started the Countrywide Credit Industries. Expansion started 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 offer securities backed by loans made was formed.

Countrywide hit the $1 billion mark in loan servicing in 1984. In 1985, Forbes Publication listed Countrywide as one of the 200 Best Little Business, and in 1987, Fortune Publication’s Top 100 Stocks of the Year ranked the business at 37th. Throughout this period, Countrywide moved its headquarters to Pasadena, California.

In 1992, Countrywide launched “House America”, a formal inexpensive lending program, intended to reach out to minority neighborhoods, and low and moderate income residents as an option for homeownership. By 1995, the Customer Markets Division was begun, a method to reach out directly to customers. In the year that followed, Countrywide introduced the Home Equity Lending Department and Complete Spectrum Lending, Inc (to offer loans to customers with bad credit).

In 1999, CW Technology Solutions, a brand-new subsidiary was launched with core applications for worldwide home loan processing operations, such as arrears systems, loan origination, maintenance. Then in November 2000, another subsidiary that would work as the European affiliate of Countrywide Securities Corporation, “Countrywide Capital Markets International, Ltd. (CCM)” was released.

In January 2006, Countrywide was given by Within Mortgage Financing the status of America’s No. 1 home mortgage lender, and by this time, Countrywide Bank had actually grown to end up being the 11th biggest bank, and the fastest growing among the major banks in the United States. This is the same year in which Countrywide ended up being the very first the very first home mortgage loan provider to hit the $1 trillion mark in loan maintenance.

Countrywide House Equity Loan Programs:

– Home Equity Loan – in which principal and interest payment remains the exact same over the life of the loan

– Home Equity Credit line – Low start rate of interest, then variable month-to-month rate based upon the prime rate as published in The Wall Street Journal plus a margin or exceptional balance.

– Integrating Home Equity Loans or Lines of Credit with First Mortgages– which is offered on many Countrywide loan programs, featuring additional tax advantages.

– Super Streamline House Equity Credit line – Benefits are similar to Home Equity Line of Credit, however with less documentation and all set money for those whose job and monetary scenario have not altered substantially after their loans have actually been closed recently. You can obtain versus approximately 90% of your home’s value.

– 125% Equity Loan – Loan amounts up to 125% of the value of the home

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