California Diego Home Loan Refinance San

Bank of America Home Loans is a diversified financial marketing and service holding company engaged primarily in residential mortgage banking and related businesses. It is a wholly owned subsidiary of Bank of America. It formerly conducted business as Countrywide Financial , but the name was changed on April 27, 2009. Bank of America Home Loans is composed of:

  • Mortgage Banking, which originates purchases, securitizes, and services mortgages. In 2006 Countrywide financed 20% of all mortgages in the United States, at a value of about 3.5% of United States GDP, a proportion greater than any other single mortgage lender.
  • Banking, which operates a federally chartered thrift that primarily invests in mortgage loans and home equity lines of credit primarily sourced through its mortgage banking operation.
  • Capital Markets, which operates as an institutional broker-dealer that primarily specializes in trading and underwriting mortgage-backed securities.
  • Global Operations, which provides mortgage loan application processing and loan servicing.

During the year ended December 31, 2005, for example, the Mortgage Banking segment generated 59% of the company's pre-tax earnings.

On January 11, 2008, Bank of America announced that it planned to purchase Countrywide Financial for $4.1 billion in stock. On June 5, 2008, Bank of America Corporation announced it had received approval from the Board of Governors of the Federal Reserve System to purchase Countrywide Financial Corporation. Then, on June 25, 2008, Countrywide announced it had received the approval of 69% of its shareholders to planned merger with Bank of America. On July 1, 2008, Bank of America Corporation completed its purchase of Countrywide Financial Corporation. In 1997, Countrywide had spun off Countrywide Mortgage Investment as an independent company called IndyMac Bank. Federal regulators seized IndyMac on July 11, 2008, after a week-long bank run.

Finances

2005

For year-ending Dec 31, 2005, amounts in thousands of dollars:

  • Total Assets: $235,085,370
  • Total Revenues: $13,016,708
  • Total Expenses: $5,868,942
  • Net Earnings: $2,528,090
  • Pre-tax Earnings by Segment:
    • Mortgage Banking: $2,434,525
    • Banking: $1,074,480
    • Capital Markets: $451,629
    • Insurance: $183,716
    • Global: $35,353
    • Other: $(31,937)

2006

For year-ending Dec 31, 2006, amounts in thousands of dollars:

  • Total Assets: $85,946,230
  • Total Revenues: $5,417,128
  • Total Expenses: $5,082,993
  • Net Earnings: $1,674,846
  • Pre-tax Earnings by Segment:
    • Mortgage Banking: $2,062,399
    • Banking: $1,080,384
    • Capital Markets: $253,500
    • Insurance: $120,133
    • Global: $28,642
    • Other: $(10,923)

In its 2006 annual report to the SEC, CFC disclosed that 19% of its subprime loans were delinquent.

2007

For year-ending Dec 31, 2007, amounts in thousands of dollars:

  • Total Assets: $211,730,061
  • Total Revenues: $6,061,437
  • Total Expenses: $6,764,975
  • Net Earnings: $(703,538)
  • Pre-tax Earnings by Segment:
    • Mortgage Banking: $(1,517,083)
    • Banking: $(268,752)
    • Capital Markets: $14,957
    • Insurance: $600,542

History

Countrywide was founded in 1969 by David S. Loeb and Angelo Mozilo. Loeb died in 2003. The initial public offering was less than successful, with company stock trading over the counter at less than $1 per share. In 1985 Countrywide stock was re-listed on the New York Stock Exchange under the ticker symbol CFC.

Countrywide's stock has been described as the "23,000% stock" by Fortune magazine. Between 1982 and 2003, Countrywide delivered investors a 23,000.0% return, exceeding the returns of Washington Mutual, Wal-Mart, and Warren Buffett's Berkshire Hathaway.

Businesses

Mortgage banking

The Mortgage Banking segment produces mortgage loans through a variety of channels on a national scale. Nearly all of the mortgage loans the company produces in this segment are sold into the secondary market, primarily in the form of mortgage-backed securities. In 2006, 45% of those mortgages were conventional non-conforming loans, loans too large to sell to Fannie Mae. The company generally performs the ongoing servicing functions related to the mortgage loans that it produces. It also provides various loan closing services, such as title, escrow and appraisal.

The Mortgage Banking segment consists of three distinct sectors: Loan Production, Loan servicing and Loan Closing Services.

Loan production

The role of Loan Production is to originate and fund new loans, and to acquire already-funded loans through purchases from other lenders. Loan Production produces mortgage loans through four divisions of Countrywide Home Loans: Consumer Markets, Full Spectrum Lending, Wholesale Lending and Correspondent Lending.

Consumer Markets and Full Spectrum Lending offer loans directly to consumers. Loans produced by these two retail division are originated, funded, and sold by Countrywide. Consumer Markets offers a wide variety of products, whereas Full Spectrum Lending focuses primarily on products appropriate for customers with less than prime-quality credit.

Wholesale Lending offers loans to consumers whose loans are originated by another mortgage broker. These loans are funded and sold by Countrywide, but originated by other lenders.

Correspondent Lending purchases mortgage loans from other lenders, which include mortgage bankers, commercial banks, savings and loan associations, home builders and credit unions. These loans may be sold by Countrywide to end-investors on the secondary market, but are originated and funded by other lenders.

Loan servicing

Loan servicing services loans, i.e., collects payments from the borrower, handles escrow accounts, tax and/or insurance payments (if applicable), then remits "advances" to the investor's trustee as specified in the Pooling and Servicing Agreement (PSA).

Loan servicing typically retains a fraction of the payment made (typically 25 - 45 basis points of the unpaid principal balance) as a "servicing fee".

Loan servicing also generates income in the form of interest on monies received and held prior to paying scheduled advances to the trustee, fees charged for late payments, force-placed insurance, document requests, legal fees, payoff statements, etc.

Loan closing services

LandSafe and its subsidiaries offer loan closing services, including real estate appraisal services, automated credit reporting products, flood determination services and residential title services for the six major counties of Southern California.

Banking

The Banking segment consisted of Countrywide Bank, FSB and Countrywide Warehouse Lending. Formerly, the bank was known as Countrywide Bank, N.A., a nationally chartered bank that was regulated jointly by the Office of the Comptroller of the Currency and the Federal Reserve, but it converted its charter to a federally chartered thrift that is regulated by the Office of Thrift Supervision. Countrywide Bank is the 3rd largest Savings and Loan institution and is the fastest growing bank in United States history. Assets from deposits are currently approaching $125 billion.

Countrywide Bank primarily originates and purchases mortgage loans and home equity lines of credit for investment purposes. The majority of these loans are sourced through its mortgage banking subsidiary, Countrywide Home Loans. The Bank obtains retail deposits, primarily certificates of deposit, through the Internet, call centers and more than 200 financial centers, many of which were located in Countrywide Home Loans' retail branch offices as of April 1, 2007.

Countrywide Warehouse Lending provides warehouse lines of credit to mortgage bankers, who use these funds to originate loans. These mortgage bankers are primarily customers of Countrywide Home Loans' Correspondent Lending division and the Capital Markets divisions; the mortgage bankers use warehouse lines of credit from Countrywide Warehouse Lending to help originate loans, then sell those loans to Countrywide through Correspondent Lending or Capital Markets.

Capital markets

The Capital Markets segment primarily operates as a registered securities broker dealer, a residential mortgage loan manager and a commercial mortgage loan originator. CFC also operates broker dealers in Japan and the United Kingdom, an introducing broker dealer of futures contracts, an asset manager and a broker of mortgage servicing rights. With the exception of its commercial mortgage activities, the company transacts only with institutional customers, such as banks, other depository institutions, insurance companies, asset managers, mutual funds, pension plans, other broker dealers and governmental agencies. Customers of its commercial real estate finance business are the owners or sponsors of commercial properties, who can be individuals or institutions.

Countrywide Asset Manag

Mobile Home Loan, Mobile Home Refiance | Manufactured ...

There are many reasons to Refinance your Manufactured Home Loan in San Diego. ... we will act fast to finance a loan with the best rates in San Diego, California. Mobile Home ...

...

California Home Loans & Mortgage Refinance - SD ...

California home loans and mortgage refinancing in California. San Diego Mortgage Group ... Another option with a mortgage refinance in California is to take equity out of your home.

...

Roseville,Nevada City,Grass Valley,Auburn,Mortgage ...

Privacy Policy; Contact Us; California Mortgage Rates. Sacramento Mortgage; San Jose Mortgage; Home Loan Programs; California Mortgage Rates; Refinance Calculator

...

Home Purchase Loans San Diego, Sacramento - California

Refinance calculation; Market Updates; Facts and Glossary; Status of ... if you have any questions about home purchase loans in San Diego or home purchase loans in Sacramento, California.

...

San Diego home loan, Home Loans in San Diego California ...

San Diego California Home Loan Company. Now with the ability to search over 140 banks in our ... We are the San Diego Refinance home loan center and Second Mortgages lender!

...

California Mortgage Refinance Loans-Los Angeles, Orange ...

California mortgage loans for refinance or ... San Diego and more. Do you want a low rate mortgage loan? Then call today and see how much you can save with a new California home loan.

...

California Home Loan And Mortgage Refinance

Shop California mortgage lenders and home loan refinance specialists: purchase loans, mortgage refinance, home loans for first-time home buyers ... San Diego, CA. Thank you - your service ...

...

Home Mortgage Loan Information For San Diego ...

San Diego's Source for Home Loan Information and Quotes. At SanDiegoHomeLoans.Org ... What is a combination loan? How long should I wait to refinance my home? How does the Home Purchase ...

...

CA mortgages : CA mortgage rates and home loans, www ...

... and home loans, www.vandykfunding.com, purchase, refinance, equity, construction, commercial, equipment leasing, san diego ... California Mortgage Loans. VanDyk ... FHA Loans & San Diego ...

...

California Home Loans and Mortgage Refinance - SD ...

California's leader in Financing Home Loans and Mortgage Refinancing. With over 58 years of experience in California Home Loans, San Diego Mortgage Group can offer you the best ...

...