Countrywide Home Loans dominates adjustable rate mortgage market
Countrywide Home Loans dominates adjustable rate mortgage market
Comprehensive Product Line Leads Industry Leader to #1 Ranking
CALABASAS, Calif., June 2 /PRNewswire/ -- National Mortgage News recently reported that Countrywide Home Loans, Inc., a national leader in residential finance, funded $28.8 billion in adjustable rate mortgages (ARMs) during the fourth quarter of 2003, making it the nation's top ARM funder. This announcement follows Countrywide's launch last year of an aggressive campaign to inform consumers and business partners that its comprehensive line of adjustable rate mortgages (ARMs) was an ideal solution to fluctuating interest rates. Now, the company has dominated the ARM market, thanks to the creativity of its product development experts, its best-of-class sales force, its affiliation with Treasury Bank, N.A., a member of the Countrywide family of companies, and strong relationships with the government-sponsored enterprises (GSEs) that support ARM production.
"Countrywide has a long history of working to meet the needs of borrowers. Our determination to dominate the ARM market builds on that history," said Stan Kurland, president of Countrywide Financial Corporation. "As of March 2004, more than 40 percent of our retail and wholesale nonconforming fundings were for adjustable rate products. The ARM product menu is strong and deep, enabling consumers and business partners to meet their financial goals in ways that are affordable and beneficial, despite the recent rise in interest rates."
Countrywide's ARM product menu includes hybrid ARMs (fixed for an initial period and then the rate adjusts like an ARM) and traditional conforming and nonconforming ARMs, with rates indexed to LIBOR, COFI, MTA and Prime. Moving beyond traditional ARMs, the company offers many innovative ARM products such as:
* PayOption ARM -- These ARMs offer maximum control for qualified borrowers. After a three-month introductory low rate period, the interest rate adjusts monthly based on an index the buyer chooses and the payment remains the same for the first twelve months. The borrower has up to four payment options which include: a minimum payment that adjusts annually based on the index chosen; an interest-only payment; a payment of full principal and interest to amortize over either 15 or 30 years; or, a payment of any amount over the normal principal and interest to pay off the loan faster.
* FlexSaver ARM -- This is a first-lien home equity line of credit that consumers can use to manage their monthly expenditures. Homeowners can make a minimum payment or pay the full principal and interest amount. They can also reuse the line of credit as they pay down the loan balance.
* Interest-Only Payment Option -- This is a payment option program that is available on all of the above ARM programs. For the first 10 or 15 years of the loan, qualified borrowers make interest-only payments, but can also make principal reduction payments during this period if they wish. After the interest-only period, the unpaid balance is fully amortized over the remaining term of the loan. The program applies to fixed-period ARMs, in addition to traditional fixed rate mortgages.
"Flexible payment options are a common theme of Countrywide's innovative loan products," said Todd Dal Porto, senior managing director of Countrywide's Wholesale Lending Division. "The company's determination to meet the needs of consumers and business partners extends the focus on flexibility to other important areas in the home loan process." For example, many qualified borrowers can benefit from streamlined processing services such as Countrywide's Fast & Easy program, which enables qualified borrowers to receive word of their loan approval in a matter of minutes or hours, without the time-consuming paperwork traditionally associated with applying for a home loan.
"Our ability to dominate the ARM market is made possible thanks in part to the successful diversification efforts of our parent company and diversified financial services provider, Countrywide Financial Corporation," said Joe Anderson, senior managing director of Countrywide's Consumer Markets Division. "Everyone at Countrywide is excited to deliver competitive ARM loan products that satisfy our customers' needs."
Countrywide's broad range of adjustable rate mortgage products are available through its branch offices located across the country, national call centers and through mortgage brokers doing business with Countrywide. For more information, visit www.countrywide.com or www.cwbc.com.
Founded in 1969, Countrywide Financial Corporation (NYSE: CFC - News) is a member of the S&P 500, Fortune 500 and Forbes 500. Countrywide, through its subsidiaries, provides mortgage banking and diversified financial services in domestic and international markets. Mortgage banking businesses include loan production and servicing principally through Countrywide Home Loans, Inc., which originates, purchases, securitizes, sells, and services primarily prime- quality loans. The company is headquartered in Calabasas, California and has more than 30,000 employees with over 600 offices. For more information about the company, visit Countrywide's Web site at www.countrywide.com.
Source: Countrywide Home Loans, Inc.
posted at 12:43 AM
Comprehensive Product Line Leads Industry Leader to #1 Ranking
CALABASAS, Calif., June 2 /PRNewswire/ -- National Mortgage News recently reported that Countrywide Home Loans, Inc., a national leader in residential finance, funded $28.8 billion in adjustable rate mortgages (ARMs) during the fourth quarter of 2003, making it the nation's top ARM funder. This announcement follows Countrywide's launch last year of an aggressive campaign to inform consumers and business partners that its comprehensive line of adjustable rate mortgages (ARMs) was an ideal solution to fluctuating interest rates. Now, the company has dominated the ARM market, thanks to the creativity of its product development experts, its best-of-class sales force, its affiliation with Treasury Bank, N.A., a member of the Countrywide family of companies, and strong relationships with the government-sponsored enterprises (GSEs) that support ARM production.
"Countrywide has a long history of working to meet the needs of borrowers. Our determination to dominate the ARM market builds on that history," said Stan Kurland, president of Countrywide Financial Corporation. "As of March 2004, more than 40 percent of our retail and wholesale nonconforming fundings were for adjustable rate products. The ARM product menu is strong and deep, enabling consumers and business partners to meet their financial goals in ways that are affordable and beneficial, despite the recent rise in interest rates."
Countrywide's ARM product menu includes hybrid ARMs (fixed for an initial period and then the rate adjusts like an ARM) and traditional conforming and nonconforming ARMs, with rates indexed to LIBOR, COFI, MTA and Prime. Moving beyond traditional ARMs, the company offers many innovative ARM products such as:
* PayOption ARM -- These ARMs offer maximum control for qualified borrowers. After a three-month introductory low rate period, the interest rate adjusts monthly based on an index the buyer chooses and the payment remains the same for the first twelve months. The borrower has up to four payment options which include: a minimum payment that adjusts annually based on the index chosen; an interest-only payment; a payment of full principal and interest to amortize over either 15 or 30 years; or, a payment of any amount over the normal principal and interest to pay off the loan faster.
* FlexSaver ARM -- This is a first-lien home equity line of credit that consumers can use to manage their monthly expenditures. Homeowners can make a minimum payment or pay the full principal and interest amount. They can also reuse the line of credit as they pay down the loan balance.
* Interest-Only Payment Option -- This is a payment option program that is available on all of the above ARM programs. For the first 10 or 15 years of the loan, qualified borrowers make interest-only payments, but can also make principal reduction payments during this period if they wish. After the interest-only period, the unpaid balance is fully amortized over the remaining term of the loan. The program applies to fixed-period ARMs, in addition to traditional fixed rate mortgages.
"Flexible payment options are a common theme of Countrywide's innovative loan products," said Todd Dal Porto, senior managing director of Countrywide's Wholesale Lending Division. "The company's determination to meet the needs of consumers and business partners extends the focus on flexibility to other important areas in the home loan process." For example, many qualified borrowers can benefit from streamlined processing services such as Countrywide's Fast & Easy program, which enables qualified borrowers to receive word of their loan approval in a matter of minutes or hours, without the time-consuming paperwork traditionally associated with applying for a home loan.
"Our ability to dominate the ARM market is made possible thanks in part to the successful diversification efforts of our parent company and diversified financial services provider, Countrywide Financial Corporation," said Joe Anderson, senior managing director of Countrywide's Consumer Markets Division. "Everyone at Countrywide is excited to deliver competitive ARM loan products that satisfy our customers' needs."
Countrywide's broad range of adjustable rate mortgage products are available through its branch offices located across the country, national call centers and through mortgage brokers doing business with Countrywide. For more information, visit www.countrywide.com or www.cwbc.com.
Founded in 1969, Countrywide Financial Corporation (NYSE: CFC - News) is a member of the S&P 500, Fortune 500 and Forbes 500. Countrywide, through its subsidiaries, provides mortgage banking and diversified financial services in domestic and international markets. Mortgage banking businesses include loan production and servicing principally through Countrywide Home Loans, Inc., which originates, purchases, securitizes, sells, and services primarily prime- quality loans. The company is headquartered in Calabasas, California and has more than 30,000 employees with over 600 offices. For more information about the company, visit Countrywide's Web site at www.countrywide.com.
Source: Countrywide Home Loans, Inc.
posted at 12:43 AM
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