Understanding Countrywide House Equity Loan

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 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.

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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 made was formed.

Countrywide hit the $1 billion mark in loan servicing in 1984. In 1985, Forbes Magazine listed Countrywide as 1 of the 200 Very best Modest Organizations, and in 1987, Fortune Magazine's Top rated 100 Stocks of the Year ranked the company at 37th. Throughout this period, Countrywide get consolidate your student loans moved its headquarters to Pasadena, California.

In 1992, Countrywide launched Property America, a formal inexpensive lending system, intended to powered by reach out to minority communities, and low and moderate income citizens as a resolution for homeownership. By 1995, the Consumer Markets Division was started, an strategy to reach out directly to shoppers. In the year that followed, Countrywide launched the Residence Equity Lending Division and Complete Spectrum Lending, Inc (to offer loans to borrowers with negative 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, 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 turn out to be the 11th largest bank, and the fastest expanding amongst the main banks in the United States. This is the same 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:

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

Residence 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 Home Equity Loans or Lines of Credit with 1st Mortgages which is available on most Countrywide loan programs, featuring further tax advantages.

Super Streamline Home Equity Line of Credit - Positive aspects are comparable to Home Equity Line of Credit, but with less fast mortgage paperwork and prepared money for those whose job and monetary situation haven't changed considerably soon 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 residence