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New Countrywide Unit To Service Institutional Originators

Institutional Mortgage Services Group formed from three existing units

August 26, 2002

By MortgageDaily.com staff

Countrywide Credit Industries, Inc. has formed a new unit to provide coordinated services and product packages to it's institutional customers. The unit will bring three of the company's existing units under one management umbrella.

The Institutional Mortgage Services Group will provide coordinated services to Countrywide's institutional business partners, according to an announcement from the California-based company. The units included in the move are the correspondent lending division of Countrywide Home Loans, Inc., LandSafe, Inc. and Countrywide Warehouse Lending, Inc.

Doug Jones, currently the managing director of Countrywide's correspondent lending division, has been named president of the new unit.

Countrywide was founded in 1969 by Angelo Mozilo and David Loeb, native New Yorkers who worked together for eight years at another mortgage company. After two years of huge losses followed by three years of slim profits, the two decided to radically restructure the company by firing the sales force and generating business by advertising Countrywide's rates and points. By 1980, Countrywide had 40 branches in eight states.

Countrywide has grown into a mortgage behemoth, reporting July production of $17.1 billion, close to its all-time record production of $17.6 billion set last December.

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