Countrywide Brand Fades Away

Posted by Orb Staff on April 27, 2009 No Comments
Categories : Residential Mortgage

f America has combined its mortgage and home equity business operations with Countrywide Home Loans to form a new brand called Bank of America Home Loans. The Countrywide brand has been retired approximately 10 months after it was acquired by Bank of America. Other Countrywide-owned businesses involved in the deal will retain their brands, including Balboa Insurance Services, a provider of lender-placed property insurance, and LandSafe, a supplier of pre- and post-closing services. Bank of America originates and services one out of every five mortgages in the country, representing a servicing portfolio of almost 14 million loans. During the first quarter of 2009, Bank of America funded $85 billion in first mortgages. ‘Bank of America Home Loans has the scale, capacity and capability to respond to the significant customer demand we've seen recently,’ says Barbara Desoer, head of the new Bank of America Home Loans. ‘We are actively lending in this economic environment and continue to be open for business to new and existing customers.’ The company has also announced a pair of consumer-facing initiatives. Borrowers will now receive "the clarity commitment" – a one-page disclosure summarizing mortgage loan information – both at application and at closing. In addition, the company introduced the Bank of America Home Loan Guide as part of the new Bank of America Home Loans Web site. The interactive guide is designed to provide prospective home buyers and existing homeowners looking to refinance with a personalized simulation of the home loan process. It helps consumers understand the criteria that drive lenders' decisions, steps they can take to be more successful in the search for the appropriate home loan, and how a home loan fits into their budget and total financial picture. SOURCE: Bank of

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