Understanding Countrywide Residence Equity Loan

Countrywide is a diversified financial 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 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 ... Brief history  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 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 1 of the 200 Greatest Small Businesses, and in 1987, Fortune Magazine's Leading 100 Stocks of the Year ranked the organization at 37th. During this period, Countrywide moved its headquarters to Pasadena, California. In 1992, Countrywide launched Property America, a formal cost-effective lending plan, fast mortgage intended to reach out to minority communities, and low and moderate revenue citizens as a solution for homeownership. By 1995, the Consumer Markets Division was started, an method to bad credit home mortgages reach out directly to customers. In the year that followed, Countrywide launched the House Equity Lending Division and Complete Spectrum Lending, Inc (to provide 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 house loan lender, and by this time, Countrywide Bank had grown to grow to be the 11th biggest bank, and the fastest growing among the main banks in the United States. This is the same year in which Countrywide became the very first the first mortgage lender to hit the $1 trillion mark in loan servicing. Countrywide House Equity Loan Programs: Home Equity Loan - in which principal and interest payment remains the same more than the life of the loan  House Equity Line of Credit - Low commercial fast mortgages commence 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 Residence Equity Loans or Lines of Credit with First Mortgages which is available on most Countrywide loan programs, featuring additional tax advantages. Super Streamline Property Equity Line of Credit - Benefits are comparable to House Equity Line of Credit, but with much less paperwork and ready money for those whose job and financial situation haven't altered considerably 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