|Countrywide's Loan Servicing Portfolio Tops $300 Billion,
3 Million Customers
CALABASAS, Calif., June 20 /PRNewswire/ -- Countrywide Credit Industries, Inc. (NYSE: CCR news), a diversified financial services provider and member of the S&P 500, today announced that the company now services loans for 3 million customers, representing outstanding loan volume of more than $300 billion.
"Surpassing the $300 billion milestone reflects Countrywide's leadership as a direct lender and business partner," said Tom Boone, senior managing director of Countrywide. "The growth of our servicing portfolio, augmented by the major expansion efforts to attract subservicing business, which now represents outstanding loan volume of more than $8.6 billion, ensures that the company has strengthened its already firm grasp on the mortgage industry."
In addition to revenue growth generated by servicing activities, Countrywide looks to its servicing portfolio as a valuable resource, offering opportunities to introduce the company's full array of financial products and services to existing customers, and complementing strategic plans to achieve high retention rates among existing customers who can benefit from purchase, refinance and home equity loans.
"Among the many value-added services we provide to our existing mortgage customers are e-Statements, personalized mortgage and insurance information, along with a full suite of electronic payment options," Boone continued. "In fact, more than 20 percent of Countrywide's portfolio utilizes one of our electronic payment options."
Countrywide offers all components of subservicing, in which Countrywide services loans in the name of institutional clients. Banks and other
financial institutions benefit from the efficiencies, cost-savings and enhanced customer service levels made possible by Countrywide, while Countrywide increases its revenue stream without making direct investments.
Founded in 1969, Countrywide Credit Industries, a member of the Forbes 500, provides consumer and business-to-business financial services in domestic and international markets. Consumer businesses include mortgages, insurance and other financial products. Business-to-business activities encompass capital markets, transaction processing and insurance. The company is headquartered in Calabasas, California and has more than 12,000 employees with over 500 offices.
Principal subsidiaries include Countrywide Home Loans, Inc., which originates, purchases, securitizes, sells and services home loans; Full Spectrum Lending, Inc., a sub-prime residential lender; the LandSafe companies., providers of loan closing services; Countrywide Insurance Services, Inc., a full service insurance agency; Countrywide Capital Markets, a mortgage-related investment banker; and Balboa Life & Casualty, a national provider of property, liability and life insurance. In addition, Countrywide owns 50 percent of Global Home Loans, Ltd. a European mortgage banking join venture. For more information about the company, visit Countrywide's Web site at http://www.countrywide.com.
Certain of the information included in this press release may contain forward-looking statements. These forward-looking statements are subject to certain risks and uncertainties, which could cause actual results to differ materially from historical results or those anticipated due to a number of factors such as the direction and level of interest rates, competitive and general economic conditions in each of our business sectors, expense management and other risks detailed in documents filed by the company with the Securities and Exchange Commission from time to time. Words like "believe," "expect," "should," "may," "could," "anticipated" and other expressions which indicate future events and trends identify forward-looking statements. The company undertakes no obligation to publicly update or revise any forward- looking statements.
SOURCE Countrywide Credit Industries, Inc.