Understanding Countrywide House Equity Loan

Countrywide is a diversified economic services organization with mortgage banking at its core, founded in 1969 by two New Yorkers, Angelo Mozilo and David Loeb fast mortgage when they began the Countrywide Credit Industries. Expansion began in 1979, and by the subsequent 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.

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Brief history

Countrywide is a diversified economic 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 subsequent 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 one particular of the 200 Best Small Companies, and in 1987, Fortune Magazine's Leading 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 cost-effective lending program, intended to reach out to minority communities, and low and moderate income citizens as a remedy for homeownership. By 1995, the Consumer Markets Division was began, an strategy to reach out directly to consumers. In the year that followed, Countrywide launched the Residence Equity Lending Division and Complete Spectrum Lending, Inc (to offer loans to borrowers with poor 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, an additional 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 property loan lender, and by this time, Countrywide Bank had grown to turn into the 11th biggest bank, and the fastest growing among the key banks in the United States. This is the same year in which Countrywide became the first the 1st mortgage lender to hit the $1 trillion mark in loan servicing.

Countrywide House Equity Loan Programs:

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

Property Equity Line of check this out Credit - Low start off interest rate, then variable monthly rate based on the prime rate sponsors as published in The Wall Street Journal plus a margin or outstanding balance.

Combining Residence Equity Loans or Lines of Credit with Very first Mortgages which is accessible on most Countrywide loan programs, featuring extra tax positive aspects.

Super Streamline Property Equity Line of Credit - Rewards are comparable to Home Equity Line of Credit, but with much less paperwork and prepared cash for those whose job and economic scenario haven't altered substantially 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 residence