Understanding Countrywide Residence Equity Loan

Countrywide is a diversified financial services organization 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 created was formed.

Countrywide hit ...

Brief history

Countrywide is a diversified financial services firm 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 created was formed.

Countrywide hit the $1 billion mark in loan servicing in 1984. In 1985, Forbes Magazine listed Countrywide as a single of the 200 Greatest Tiny 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 Residence America, a formal affordable lending plan, intended to reach out to minority communities, and low and moderate income citizens as a resolution for homeownership. By 1995, the Consumer Markets Division was began, an strategy to reach out directly to buyers. In the year that followed, Countrywide launched the Residence Equity Lending Division and Complete Spectrum Lending, Inc (to provide loans to borrowers with poor credit).

In 1999, CW Technologies 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, yet 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 home loan lender, and by this time, Countrywide Bank had grown to grow to be the 11th biggest bank, and the fastest expanding among the significant banks in the United States. link This is the identical year in which Countrywide became the initial the 1st mortgage lender to hit the $1 trillion mark in loan servicing.

Countrywide Property Equity Loan Programs:

Residence Equity Loan - in which principal and interest payment remains the same more than the read more life of the loan

House Equity Line of Credit - Low begin interest rate, then variable monthly rate based on the prime rate as published in The Wall Street Journal plus cheap home mortgage loans a margin or outstanding balance.

Combining Property Equity Loans or Lines of Credit with First Mortgages which is readily available on most Countrywide loan programs, featuring further tax benefits.

Super Streamline House Equity Line of Credit - Rewards are similar to Property Equity Line of Credit, but with less paperwork and prepared cash for those whose job and monetary circumstance haven't altered significantly soon after their loans have been closed lately. 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 property