countrywide: COUNTRYWIDE REO STORY - 01/10/09 09:30 PM
Just wanted to drop a line with regards to my research since this all began in July 2007.   As many of you have seen I was/am a Mortgage Broker.  Back around May 2007 I started noticing the trend with regards to Direct Lenders vs. Mortgage Brokers.  The lenders were looking to minimize costs, many wholesale operations were either being consolidated or eliminated.  Also the guidelines were less friendly to wholesale.  Even the rates favored Retail Lending. I decided that if I couldn't beat them I would join them.  I started working for Countrywide Home Loans ("CHL") under a great manager. We focused … (2 comments)

countrywide: RESIGNED FROM COUNTRYWIDE - 01/18/08 06:33 PM
After careful consideration of my career path I made a decision to leave Countrywide.  Not because of any rocky roads ahead, we are all in this together.  Not because of the company or team I was with.  They were great!  And not because BofA bought Countrywide. Coincidentally I planned to resign that Friday, January 11,2008, unaware of what was to take place.  My opinion, it's a good thing which will start a trend creating a wave of mergers and acquisitions from the biggest banks competing to survive.  I went to Countrywide because 2007 brought uncertainty for mortgage brokers.  It seemed the … (18 comments)

countrywide: COUNTRYWIDE REO UPDATE - 11/02/07 10:38 AM
Between Active rain and a few other sources I get many requests for help to find an agent or even get people approved.  I wish I had the the time help everyone that asks find an agent.  Unfortunately Countrywide will not let me work with Realtors that are not local with me on the REO side.  CW wants to keep the relationships local.  Some of you have thought I am the decision maker of who gets on the list.  I am not.  All I can do, as all Countrywide agents can do, is make a recommendation.  Our management does have a … (5 comments)

countrywide: COUNTRYWIDE: PRESS RELEASE - 09/25/07 04:15 AM

countrywide: BUYDOWNS ARE BACK TO HELP REALTORS CLOSE! - 09/16/07 10:47 AM
Buydowns are nothing new.  I recall buying my first home in 1996.  I wondered how I was ever going to be able to afford to buy that Condo on my entry-level salary.  Enter FHA and a 3-2-1 buydown.  At 7% my payment was supose to be around $1,385.00 per month.  For the first year it was only $981.00.  What a difference!  Now I was told it would go up each year until it reached $1,385.00.  I thought to myself I am only just entering this industry, I should earn more in the years to follow.  It helped a great deal! 
Buydowns … (5 comments)

countrywide: So You want to do REOs! - 09/15/07 06:14 PM
I have had many Realtors ask about getting on the Countrywide's ("CW") REO list.  I am also being open about the best ways to get on the list.  Keep in mind we are not making it easy.  I decided to do some more digging. I asked agents, many who have been approved for years how they got on our list.  Well this is how!
    This advice is in additions to my points before. ( Read my previous Blog: COUNTRYWIDE REO PROGRAM ) .  Prior to this foreclosure boom what the Mitigation Division would do is find agents that worked on previous transactions.  For example: A property is listed … (4 comments)

countrywide: COUNTRYWIDE An Analogy of the smart businessman! - 09/13/07 06:18 PM
In a comment made regarding Author Bill Nazur's recent AR post I responded: 12 billion reasons to be thankful for Countrywide's Persistence   Please visit Bill's Post.
Quote: "Maybe we should leave them A LOAN... "     Barry Shapiro
 Barry  -  Like that one!  Please by all means I work for Countrywide "Leave me a Loan!"  With the retreat of Wall St. to invest in our paper, is there an issue with our liquidity?  Surely!  Not if we were downsizing (and I don't mean trimming the fat) and reducing our position in the market. No we want to grow and not just double market share, … (1 comments)

countrywide: COUNTRYWIDE'S REO APPROVAL PROCESS - 09/06/07 07:28 PM
 THIS IS A RESPONSE TO JOHN KIM OF FULLERTON, CA.  It had useful information so I decided to post it as a BLOG.   Original Post can be found at:
I felt a tense mixed feeling from the room myself I won't say otherwise.   What I try to convey to agents I speak with is there are 3 parts to the model.  Not all planned.  The deliberate part was opening up the Short-Sales and Foreclosures to Countrywide's Retail offices.  It makes sense in anticipation of the increased volume of defaults.  In essence it allows CW Retail Origination to pick up business and establish … (80 comments)

countrywide: Mortgage Market Review - 09/05/07 03:02 PM
Several factors have added up to increased pressure on the market.
 Early today Citi lowered earnings estimates on several Wall Street firms.  Pending sales of existing U.S. homes decreased 12% in July, the lowest since September 2001 (NAR) The release of the Fed's  (BEIGE BOOK) has been vague at best. Most of the primary Bank/Lenders have reported tightening of lending guidelines which is taking it's toll on residential real estate. President Bush and Fed. Chairman Bernake finally acknowledged the crunch the real estate industy has seen the last 12-18 months.  While on the positive side the U.S. 10 Year Note was up 21/32 lowering it's yield to 4.46% … (0 comments)

countrywide: Ethics in Question - 09/04/07 12:05 PM
I was writing a comment here on AR to Vera Gleason of Riverside,CA about how far agents will go with unethical tactics. 
A colleague of mine at Countrywide recently had a builder hide his docs (saying they weren't in on yet) and persuade the client to sign a fresh set with his preferred lender just so conveniently waiting for him at the closing.  Well the client was told if he didn't sign the new docs he would not be guaranteed a successful closing. The new loan was a table funding and too late to stop once signed. The client called the agent the next day … (0 comments)

countrywide: Time to Clean Up! - 09/02/07 08:26 PM
Now is the time for all loan agents and especially wholesale brokers to clean up their files.  I know when I was underwriting there was nothing better than a file I didn't have to peel off the wall or try to figure out what was going on.  I still don't know how loan agents do that.  Now my desk is a site for sore eyes (I am not perfect) but my loan submissions make Operations cry in joy.  In wholesale I have heard horror stories from Ops teams saying how some brokers scream and swear at them.  Time to clean the … (4 comments)

countrywide: President Bush Tackles Subprime Crisis - 08/31/07 07:59 AM
Spelled out:  Assistance to help those people with good credit that just can't handle a recast by offing refinances through FHA.  Now how high are FHA limits going to increase?  In major city markets non-conforming loans are close and exceeding $1,000,000.00.  It's the Neg-Am loans that call for the most serious aid.  Just how much can be done to prevent REO Foreclosures and Short-Sales?  I will paste the Link to the article I saw on AOL:
Bush Tackles Subprime Mortgage Crisis - AOL News
Any opinions?

countrywide: COUNTRYWIDE RESPONDS TO NEW YORK TIMES!!! - 08/29/07 05:16 PM
 Please find a link leading to Countrywide issuing a formal rebuttal that addresses the Sunday New York Times story about Countrywide and the press conference held earlier today by Senator Charles Schumer. The attached comment has been sent to reporters who have inquired about the N Y Times article and about Senator Schumer's press conference and has been posted on on the front page of the About Us section (link below.)
We have been permitted to share this information with our business partners and customers. It provides accurate information about Countrywide's lending practices on subprime loans and makes clear the value our employees … (1 comments)

countrywide: Pre Short-Sale: Alternative for Distressed Homeowners - 08/27/07 01:13 PM
I was scanning the news today.  According to sources from RealtyTrac  July Foreclosures were 179,599 up 9% from June and 93% from 1 year ago.  Now I know there where not as many foreclosures in prior years so these increases seem greater than they are at first glance.  According to HUD this is more of a correction which started about 18 months ago and had this not have started until 2009 & 2010 we would have been in a crisis.  Now you have all kinds of politicians calling for Time Outs and Forbearance agreements, $100 million to $1 billion dollar bailouts. The … (4 comments)

countrywide: Market Indicators at the Show - 08/25/07 07:05 AM
Years ago while I was in college there was an author my professor recommended.  Shame on me for not remembering his name (Peter...).  I do remember his advice which was brilliant.  I wanted to be a stock broker, so this advice was all about buying stock as the author was a portfolio manager for Fidelity.  He would go to the malls and watch to see what was selling and the trends.  He would then apply it to collected data on the companies and usually pick great performers.  As I sit at the Home & Garden in Anaheim,CA this Saturday and review … (5 comments)

countrywide: Ever-Changing Guidelines - 08/24/07 10:36 AM
The Home Loan Industry is ever changing.  Every lender is seeing changes being made. Some more drastically than others.  Just in:  Bank of America suspends all expanded criteria products until further notice. These products include but not limited to Stated Income/Stated Assets, Stated Income/Verified Assets, No Income/No asset, and 80/20.  Is this a smart move, maybe.  A tremendous amount of Self-Employed should be concerned.  There's n o doubt these changes are just getting started, we have made a few of our own.  While there are no innocent parties in the cause of this trend it's a shame some parties such as self employed … (4 comments)

countrywide: COUNTRYWIDE & BANK OF AMERICA - 08/23/07 08:32 AM


Andrew Clemente

Anaheim Hills, CA

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United American Mortgage Corporation

Address: Anaheim, CA, 92808

Mobile: (949) 677-6394

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