Countrywide Loans Review
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Countrywide Loans are the biggest mortgage lender and yet they are under serious scrutiny. Countrywide Loans are rumored to be under investigation on stock sales and on the verge of collapse.
Countrywide Loans are owned by parent company Countrywide Financial Corporation, a NYSE traded company under the symbol CFC. The mortgage division consisting of Countrywide Home Loans and Full Spectrum Lending, their subprime lending arm, which makes up to almost 70% of the revenue for the company.
So the subprime meltdown has and will continue to hammer Countrywide Loans.
From 1982 to 2003, their stock returned a staggering 23,000% return for those smart enough to own it. This unbelievable return beating Wal-Mart and the famed Warren Buffett’s Berkshire Hathaway.
We have never sold loans directly to Countrywide Loans due to a long standing rule of only giving business to the best priced mortgage wholesalers…and cheap they aren’t.
Of course, that could explain the 23,000% investor return.
Maybe Countrywide Loans cares more about profits enriching their stockholders than they do about giving their customers better rates!
From a consumer standpoint, I’d never recommend going straight to Countrywide Loans for a mortgage as they operate as a bank. And as we learned, banks never have to disclose the extra profit they make by upping your rate.
With that market advantage, Countrywide Loans will never close loans with the lowest rates. After all, they need a higher profit margin to pay for all those TV commercials!
And that’s no joke!
Avoid banks when shopping for a mortgage for these and other reasons. Learn how with The Mortgage Advantage system.
Good Luck!
Author: The Mortgage Insider
Date: January 10, 2008
Tags by Post Mortgage Companies, Mortgage Company, Mortgage Lenders, Mortgage Reviews
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My fiancee and I recently purchased a house through the Countrywide in Torrance. One of the many complaints, Nick Costa threatened to take back our loan just THREE days after they sent us the form, (and after one month after the house was legally ours), because they forgot a form!
The day we finally scheduled a closing time, this office had to re-print our closing docs THREE times (and there were STILL corrections that we had to initial next to)! We had to wait and re sign most of the paperwork multiple times. There were very simple errors that should have been caught with a good proofreading, but I am fairly certain that no one bothered to proofread our documents as there were many glaring, sloppy mistakes.
About one month after we finished closing and the house officially ours, Nick called to say that there was a missing warranty form. This form should have been given to us prior to closing. Nick repeatedly called us and on Thursday, just THREE days after the form was sent, he leaves us a voicemail threatening that they will pull back the loan and take back our house! Countrywide doesn’t care about its customers–they just want your money.
At closing, you signed a form saying you would cooperate in any post-closing effort to correct any “errors or omissions” in any of the closing documents.
The lender has every right to ask you to comply with the agreement you signed at closing…you are making a mountain out of a mole hill.
Sign the document…and move on.
We did sign it.
The problem was that he THREATENED us and left rude voicemails THREE days after giving us this form. Poor, unprofessional and sloppy work.
FYI, we signed it about 7 bussiness days after it was given to us.
You consider threatening your clients after three days to be appropiate for a banking professional? No wonder our country is in this financial mess.
Also, your “molehill” is bigger than you expected.
(we signed and returned 7 business days after it was sent, we disliked being threatened of losing our house after THREE days of receiving the form)
The seller refused to sign this form.
According to Countrywide, our loan is not insured by the HUD. We have talked to many banking professionals from Wells Fargo, and even the HUD itself.
They asked us to refinance, which we are cooperating with, but our home has dropped value from when we bought it in January. So refinance is not possible.
The loan is not HUD insured. from everyone i’ve talked to, this is at least a normal sized hill.
The worst part is, we are first time buyers, we did our homework, we bought a house that we can easily afford on one income.
Now we are in the terrible mess because we chose a sloppy loan officer, Nick Costa.
I thought i had the best lender in the world until my husband lost his full time job ,and we contacted countrywide before our late ,and they told me they could not help me because i was still current.Then they told me you need to have at least 2 missing payments.Today is the Nov.21,08 and we are on our way to the secondmonth,still no answer from countrywide.Oh by the way i forgot to mention,,,,,we had a perfect payment history until this happened. Thanks.
Same thing happens to me and my credit is not bad at all they won’t refiance me. I had my credit checked out it good what they are doing is trying to get rich off of people like me. They keep raising my house payment dont know how long it will be before I let them have house back. Its getting where i cant even afford to buy food or pay my bills. I’m a single mom and very worried about what is going to happen to my family. Countrywide does not care.
Mom,
Your son is not required to return to Countrywide to refinance his mortgage. Why given the fact they lied to you about the interest-only terms, would you go back to them any way?
What given their past behavior, makes you think they aren’t lying about his credit now simply to keep in an expensive but very profitable loan?
Seek a local, ethical, mortgage broker who can get your son the best mortgage possible given his situation.
Our shopping system makes it easy.
My son has had a interest only loan from Countrywide for well over a year…. there are references in the loan papers that state it is not Interest only, etc, but every call to their office is meet with, too bad, your credit is not good enough to refinance…. he has never been late with a mortgage payment. Everytime they run a credit report because he requests a refinance to a fixed rate, the same response, credit is not good – though he has never even been late for a mortgage payment to Countrywide from day one. Can anyone put some light on this situation, it seems to border on illegal, keeping someone in an interest only loan and refusing to refinance.
Angela,
Buy the house if the price is right,just don’t get the mortgage through them…
RKB
Hi
My husband and I are interested in a house that Country Wide owns. It is priced right what should we do so we make sure we do not get screwed. We will be meeting or speaking with a Country Wide rep this week.
Thank you,
Angela Meyer
Countrywide Mortgage is the “least of nothing” within the mortgage industry. They are incompetent, incapable to complete anything. Their employees are intensively trained on tactful skills and methods to manipulate the public, and their customers. They would literally “ride rough shod” over their own mother to accomplish their goals, which is to deliberately, with premeditation, avoid telling the truth, shirk, invalidate, and shun their customers, and therefore avoid any questions put to them, or try to solve any problems or situations, that is not in the CW best interest . The deliberately confuse matters, with disorder, mismanagement, incompetence, “juggle” the truth for their advantage, benefits, and profits.
From my experience, when trying to negotiate anything with them, or find answers that would be helpful–you are constantly switched, diverted from one person to another, never speaking to the same person, “desk’ or department–total confusion, disorder, and disarray, no organization–they purposefully “muddle” things–hoping you will become confuses, exhausted, and perplexed enough to ” let it go”.
While tying to obtain a supposedly “workout program’, (the name changes several times), to try to save our home from foreclosure, I accumulated, and documented, a list of names, phone numbers, extensions, department, financial “work outs”, which would be changed when talking to the next person. NOTHING could get completed–incapable of completing anything. It was not uncommon to be “put on hold” for up to an hour to two hours.,
I would set my phone on “speaker” and go about my business, until someone finally pick up–but never got a person directly –always leave a message, and very seldom a call back.
In the final days before our home went to”the court house steps”, the foreclosure attorney let us know that we could keep our home from the sale, if we could get a certain amount of money to their office, by a certain day and time, but CW would have to be in the circle of this process –so I began to call every number at CW that I had acquired over the months, BEGGING the to contact me or the attorney, and letting them know the urgency involved
in the process to save our home–days passed, and they never called–until the evening before our home was to be sold at the court house–if they had just taken two minutes to call the attorney, our home could have been saved.
But they just did not care –I truly BEGGED them time after time –leaving message after message– then the call came too late–after business hours-The door was closed.
The disposition of the person that did call, was without respect, no respect or regard for what had just happened, belittling, and poor attitude–did not care that the call was too late, and made it clear “that’s just too bad”.
I hear that the CEO is retiring –with all his millions, and his 5 or 6 homes as the news report went–” and none of his homes are in foreclosure”.
Country Wide has destroyed the American Dream, destroyed families, and their hopes–it is unforgivable the destruction they have contributed to, because of greed, non caring, mismanagement, premeditated neglect, and absolutely no respect for other human beings.
They are worse than liars, worse than thieves, they are thieves, not only stealing homes, destroying families, but stealing the souls and spirit of the people, that they refused to listen to, so greedy that human life did not matter to them. I hope their name will be abolished from use, because all it stands for, and represents is filth.