Posted by jojodatura on 8/17/07 11:09am
Msg #206200

Not looking good for Country Wide

http://www.ajc.com/business/content/business/stories/2007/08/17/countrywidebank0817.html

Reply by MistarellaFL on 8/17/07 11:16am
Msg #206203

Countrywide is still buying loans...

another one last night had a voucher in the package!
I think the media hype certainly plays a big part in this drama.
Personally, I am not worried about CW at this time.

Reply by Stamper_WI on 8/17/07 11:20am
Msg #206205

Re: Countrywide is still buying loans...

They started advertising like crazy today on the local cable. With 11.6 billion to work with (which is an equity loan THEY took out) they will sell loans like crazy in an effort to turn themselves around. Rather simplistic opinion.

Reply by NCLisa on 8/17/07 11:25am
Msg #206210

I've closed 25 Countrywide loans this month

and that is with 7 days that I was out of town. They are calling all their current customers and offering better rates, etc. They are "fast tracking" everything they can.

Reply by Brad/AZ on 8/17/07 11:49am
Msg #206219

It's a little over-hyped

I'm sure they'll pull through. Their biggest trouble right now is the media spin. I think their biggest problem is their number of employees...too much redundancy. They've been cutting back on personnel for a while, but they still have a long ways to go.

Reply by NJ_Notary on 8/17/07 12:04pm
Msg #206225

JMHO but I think...

JMHO but I think someone is playing the victim role a little to well right now if you ask me and are not hurting as they want it to appear. After spekaing with my sources at CW and thru observation thats the conclusion I came to; especially after they just bought another bank in the West (sorry cant remember the bank's name off hand). I may be wrong , but thats what Im seeing and how im calling the game.

Reply by MB_AZ on 8/17/07 12:26pm
Msg #206228

The just borrowed

$11.5 billion from a group of 40 banks to fund new loans. They have a huge facility just a mile from me. I used to do lots of CW loans but since they hired a full time closer, I don't see much business from them.

http://money.aol.com/news/articles/_a/countrywide-borrows-115-billion/20070816090409990002

Reply by ME/NJ on 8/17/07 12:31pm
Msg #206229

Re: JMHO but I think...

It is tough out there and depending on the local real estate market conditions and new bank guidelines people may not be able to refi even if they want to.

The Fed fell asleep 2 weeks ago and investors are backing out of real estate and putting money into bonds, t bills and other long term stocks till the dust settles on this. The Media harping on this everyday only hurts the current stock market conditions and people with money can take advantage of the roller coaster market.

Yesterday DOW was down 350 points.. great time to buy (end of day only down 15 points)

Its not an easy fix and I hope the goverment does not need to bail us out, it is our own fault (got to have it now) a price to pay for everything.

Reply by NJ_Notary on 8/17/07 1:01pm
Msg #206235

Re: JMHO but I think...

I viewed the National Evening News of one of the three major networks. The spot ligh story was on the housing/mortgage industry. The couple they interviewed was about to in turmoil since their mortgage was about to adjust and increase by almost a thousand dollars if im not mistaken. Unforutnately, the reporter reported that becuase of the tightening of the mortgage industry they are not able to refinance. She also reported that they can not sell becuase they owe $12,000. more than the home is worth. What the reporter neglected to say was that the couple should immediately call the loss mitigation department of the mortgagee. She as well neglected to report that the couple could see their home contigent upon a short sale approval. These two were just a few of the options that the couple had. The options may not be pretty but they are options. Its a shame the media doesn't do their homework before they report a story.

Reply by NJ_Notary on 8/17/07 1:03pm
Msg #206236

Re: JMHO but I think...

Sorry for the typos & grammar issues again. Trying to type here and talk on the phone can be a challenge. Have a great weekend everyone!

Reply by NJ_Notary on 8/17/07 12:47pm
Msg #206231

Re: JMHO but I think...

While countrywide's projections may be down from what they would like to see possibly, they are far from hurting. Hurting to me is a when your getting ready to close doors. Countrywide is far from it.

Reply by NJ_Notary on 8/17/07 12:48pm
Msg #206232

Re: JMHO but I think...

Sorry for the typo. I mean to say ", but they are far from hurting."

Reply by Nick/MD on 8/17/07 2:11pm
Msg #206247

Re: JMHO but I think...

if they go under, then it's time to worry... I don't think their going anywhere... at least I hope not, I do a large book of closings for them.

Reply by Nancy M. Misenar on 8/17/07 4:35pm
Msg #206283

Re: JMHO but I think...

I received a document from one of my companies I close for and this new document is for the closings for Countrywide. It is called Important Acknowledgmkent Concerning Your Loan.
A 1E040-US Form.
It talks about Interest rates and Monthly payments. The first sections has 3 items each with a box for the client to check off, 1 is the fixed rate, 2 is the adjustable rate and the 3rd is the HELOC. The next section is called the Loan features, breaks down into 5 areas like a balloon payment and the prepayment penalty, Borrower Income Documentation, Escrow/Impounds, Negative Amortization. The next section is the Loan Fees it explains the closing costs. The final section is the NTC and info about the HELOC and last is the Broker Compensation. The borrowers have to sign this. Thought you all would like to know this.

Reply by WDMD on 8/17/07 5:06pm
Msg #206289

Re: JMHO but I think...

"I received a document from one of my companies I close for and this new document is for the closings for Countrywide. It is called Important Acknowledgmkent Concerning Your Loan.
A 1E040-US Form.
It talks about Interest rates and Monthly payments. The first sections has 3 items each with a box for the client to check off, 1 is the fixed rate, 2 is the adjustable rate and the 3rd is the HELOC. The next section is called the Loan features, breaks down into 5 areas like a balloon payment and the prepayment penalty, Borrower Income Documentation, Escrow/Impounds, Negative Amortization. The next section is the Loan Fees it explains the closing costs. The final section is the NTC and info about the HELOC and last is the Broker Compensation. The borrowers have to sign this. Thought you all would like to know this."

The way I read that document it is supposed to tell the borrowers the terms of their loan, not for them to check any boxes. I have seen this on about the last 10 loans I have completed and every single one has not been filled out by Countrywide.

It says in the first paragraph:

"The purpose of this acknowledgment is to ensure that you are making an informed decision about your financing and that you understand the key terms of your loan transaction which are indicated below." And below that nothing is filled out.

Reply by MistarellaFL on 8/18/07 2:05pm
Msg #206421

Important Acknowledgmkent Concerning Your Loan

this form could be called:
"Your Loan Terms in Plain English"

I LIKE IT!

Reply by SanDiegoCA on 8/18/07 3:03pm
Msg #206423

Re: Important Acknowledgmkent Concerning Your Loan

Agreed, it is a good idea whose time has certainly come!

In fact I have seen a couple of attempts at this kind of new DOC in the last few months from a couple of companies.

Times have been slow in our business, but wait until they do settle this credit crunch issue, there will be a long list of mortgages that have waited until the storm was over that will suddenly be unleashed in our direction.

Remember the refi surge when interest rates hit the lowest levels in decades ....... :o]