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Industry News

Countrywide fuses 3 units

August 27, 2002

Management group coordinates correspondent lending, loan closing and warehouse financing services

Inman News Features

Financial business partners of Countrywide can now utilize a menu of products and services in one unified interface.

Countrywide today announced the formation of a new senior management group that brings together three units under one management umbrella.

The new entity, Institutional Mortgage Services Group, will provide coordinated services and product packages to Countrywide's institutional business partners, including banks, credit unions and other financial companies, according to Countrywide.

The management group consists of the Correspondent Lending Division of Countrywide Home Loans Inc., closing services provider LandSafe Inc. and Countrywide Warehouse Lending Inc.

"IMSG will manage and coordinate the activities of these three business lines, offering Countrywide's institutional business partners a comprehensive menu of products and services including correspondent lending, loan closing services and inventory financing through one unified interface," said Stan Kurland, Countrywide's executive managing director and COO.

Doug Jones, managing director of the company's Correspondent Lending Division, will serve as IMSG's president.

Countrywide Credit Industries Inc. (NYSE: CCR) provides mortgage banking and diversified financial services in domestic and international markets. Mortgage banking businesses include loan production and servicing primarily through Countrywide Home Loans Inc., which originates, purchases, securitizes, sells, and services prime-quality loans.

Copyright: Inman News Service

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