Posted by Becca_FL on 11/14/07 4:16pm
Msg #221220

Latest CW rumor

This from another forum

>>>Countrywide Home Loans Specialty Lending Division Retail branches may be closing today. One office reports employees outside with cardboard boxes in hand.<<<

>>>Yes the entire Specialty Lending Division has been shut down. I have been with the company since July. It started off great, submitting loans, getting paid.....Over the last MONTH the internet leads were shut off, the inbound phone calls were shut off and we were just working our HLC refferals. Last week they upped the min fico to 580, basically killing our "wheel house". 580/90% max pretty much The only loans we could do, which were the same as our HLC's....pretty much signaling the end. It's been like a slow death for the last month.<<<

Is this bye-bye to CWFS?

Reply by DianeCipa on 11/14/07 4:28pm
Msg #221224

Hi, Becca. It's their Full Spectrum division aka Liars R US subprime unit. They really needed to shut those folks done.

CW prime is still operating. I like working with CW prime.

Reply by Becca_FL on 11/14/07 4:31pm
Msg #221226

I know. For the past two years 75% of my business has come from CWFS. They have already closed a few offices here in Florida and I have definitely felt the pinch.

Reply by ME/NJ on 11/14/07 4:29pm
Msg #221225

CW said over a month ago, no more sub-prime loans. Only sub-prime they would do from now on would be goverment subs.

They are still buying good loans, last 2 I did CW will buy the note.