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Impressions of Countrywide Mortgage


Countrywide is my favorite conforming mortgage lender; I will share my impressions about a few of the products they offer and maybe you will understand why I rate them tops.

They have the most innovative product mix. Their software is complex, but it was worth me learning because of multitude of choice products whether a mortgage applicant wishes to reveal income or to not disclose income or assets.

They have a program for almost every situation. One example is a borrower with a credit score of 680 or higher. A 680 score qualifies a borrower for what Countrywide calls a “Fast and Easy”. With a “Fast and Easy” loan, the borrower is not required to prove income. (They need a job, but that’s all).

They leave no stone unturned. I recently (March 06) finalized a mortgage for $117,000 for a borrower who had no job, no income, and when I met this borrower in late January he did not even have a credit score. What the borrower did have however was a free and clear property which was worth $240,000. This prospective borrower had very old credit profile and was not scoring withExperian, Equifirst, or Transunion. 

I suggested he go to Home Depot and Sears and open a couple of small accounts. He did just that, and immediately went from “no score” to over 700 score average on all threerepositories.

We qualified for a NINA (No Income No Asset) product with Countrywide, meaning nothing was required to be disclosed on either income or assets. We obtained a fixed30yr product at 6.625 rate and my borrower put almost 113,000 in his account to provide him resources until his social security begins in two years.

Without Countrywide and a product like a NINA, I would not have been able to produce a quality mortgage for my client.

There are many other clients and variations of the situation which I described. The important part is to have a trusted ally and for that ally to provide a product mix which best suits the situation.

Hats off to Countrywide.

By Jim Jump To Comments
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1 Responses to "Impressions of Countrywide Mortgage"

    Toronto says:

    CountryWide is one more company that needs to go bankrupt and needs to do it now, and no tax payer money either. All of the corrupt management (remember Angelo Mozilo?) should be on trial and then locked up. There are too many good people in this country that are being taken advantage of by the large corporations and at the same time they are receiving tax payer funds to keep operating.


    Posted on 01/17 at 4:59 AM

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