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Best Kept Secret About Countrywide Rainmaker 08-12-2005
Posted by Rainmaker on August 12, 2005, 8:09 am
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Countrywide Home Loans is one of America's largest mortgage lenders. They
are a Fortune 200 company, and report funding over $10 billion in loans
every month.



But, the best-kept secret about Countrywide is, if you want the very best
rate and terms for a Countrywide loan, you can't get it from Countrywide
Home Loans!



That's right; you read correctly. Countrywide's best rate and terms cannot
be had from a branch of Countrywide Home Loans. Instead, you should call
your local mortgage broker.



Countrywide's Wholesale Lending Division (WLD) offers all the same loan
programs to loan brokers that are available from their retail outlets, at
substantially lower rates.



Countrywide is not alone; the same is true for Wells Fargo, Chase, and
virtually every other major lender in America.



The reason for this is something called, "The Cost of Origination", the
time, energy, and resources necessary to find borrowers and write loans.
Since the wholesale division relies on brokers to bear that cost, they pass
the saving through. The broker, in turn, will share a portion of that
savings with the borrower.



If you don't believe me, you can prove it to yourself. Next time you're in
the market to purchase or refinance a home, call your local Countrywide Home
Loans branch. Ask the loan officer about a specific loan program that suits
your needs. Then call your local mortgage broker and ask him/her if they
are approved to originate Countrywide loans. When you find one who is, ask
them to quote a rate on the same program.



Even with broker origination fees, I guaranty the terms will be better.



Try it.




Posted by Dollarsign on September 7, 2005, 6:04 pm
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I tried it. Rainmaker is right.

www.mrheloc.com

> Countrywide Home Loans is one of America's largest mortgage lenders. They
> are a Fortune 200 company, and report funding over $10 billion in loans
> every month.
>
>
>
> But, the best-kept secret about Countrywide is, if you want the very best
> rate and terms for a Countrywide loan, you can't get it from Countrywide
> Home Loans!
>
>
>
> That's right; you read correctly. Countrywide's best rate and terms
> cannot be had from a branch of Countrywide Home Loans. Instead, you
> should call your local mortgage broker.
>
>
>
> Countrywide's Wholesale Lending Division (WLD) offers all the same loan
> programs to loan brokers that are available from their retail outlets, at
> substantially lower rates.
>
>
>
> Countrywide is not alone; the same is true for Wells Fargo, Chase, and
> virtually every other major lender in America.
>
>
>
> The reason for this is something called, "The Cost of Origination", the
> time, energy, and resources necessary to find borrowers and write loans.
> Since the wholesale division relies on brokers to bear that cost, they
> pass the saving through. The broker, in turn, will share a portion of
> that savings with the borrower.
>
>
>
> If you don't believe me, you can prove it to yourself. Next time you're
> in the market to purchase or refinance a home, call your local Countrywide
> Home Loans branch. Ask the loan officer about a specific loan program
> that suits your needs. Then call your local mortgage broker and ask
> him/her if they are approved to originate Countrywide loans. When you
> find one who is, ask them to quote a rate on the same program.
>
>
>
> Even with broker origination fees, I guaranty the terms will be better.
>
>
>
> Try it.
>
>




Posted by ElJay on September 8, 2005, 9:07 am
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I am just curious. How does that work? If I wanted a Countrywide mortgage,
would I just go to any mortgage broker and say I want a mortgage through
Countrywide? I thought most mortgage brokers only work with certain
companies, so I would have to find a mortgage broker who represents
Countrywide, right? Just wondering.

> I tried it. Rainmaker is right.
>
> www.mrheloc.com
>
> > Countrywide Home Loans is one of America's largest mortgage lenders.
They
> > are a Fortune 200 company, and report funding over $10 billion in loans
> > every month.
> >
> >
> >
> > But, the best-kept secret about Countrywide is, if you want the very
best
> > rate and terms for a Countrywide loan, you can't get it from Countrywide
> > Home Loans!
> >
> >
> >
> > That's right; you read correctly. Countrywide's best rate and terms
> > cannot be had from a branch of Countrywide Home Loans. Instead, you
> > should call your local mortgage broker.
> >
> >
> >
> > Countrywide's Wholesale Lending Division (WLD) offers all the same loan
> > programs to loan brokers that are available from their retail outlets,
at
> > substantially lower rates.
> >
> >
> >
> > Countrywide is not alone; the same is true for Wells Fargo, Chase, and
> > virtually every other major lender in America.
> >
> >
> >
> > The reason for this is something called, "The Cost of Origination", the
> > time, energy, and resources necessary to find borrowers and write loans.
> > Since the wholesale division relies on brokers to bear that cost, they
> > pass the saving through. The broker, in turn, will share a portion of
> > that savings with the borrower.
> >
> >
> >
> > If you don't believe me, you can prove it to yourself. Next time you're
> > in the market to purchase or refinance a home, call your local
Countrywide
> > Home Loans branch. Ask the loan officer about a specific loan program
> > that suits your needs. Then call your local mortgage broker and ask
> > him/her if they are approved to originate Countrywide loans. When you
> > find one who is, ask them to quote a rate on the same program.
> >
> >
> >
> > Even with broker origination fees, I guaranty the terms will be better.
> >
> >
> >
> > Try it.
> >
> >
>
>



Posted by Jeff Strickland on September 8, 2005, 6:17 pm
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The same it true of any retail lender, the wholesale division offers the
same loan with better pricing.





>I am just curious. How does that work? If I wanted a Countrywide
>mortgage,
> would I just go to any mortgage broker and say I want a mortgage through
> Countrywide? I thought most mortgage brokers only work with certain
> companies, so I would have to find a mortgage broker who represents
> Countrywide, right? Just wondering.
>
>> I tried it. Rainmaker is right.
>>
>> www.mrheloc.com
>>
>> > Countrywide Home Loans is one of America's largest mortgage lenders.
> They
>> > are a Fortune 200 company, and report funding over $10 billion in loans
>> > every month.
>> >
>> >
>> >
>> > But, the best-kept secret about Countrywide is, if you want the very
> best
>> > rate and terms for a Countrywide loan, you can't get it from
>> > Countrywide
>> > Home Loans!
>> >
>> >
>> >
>> > That's right; you read correctly. Countrywide's best rate and terms
>> > cannot be had from a branch of Countrywide Home Loans. Instead, you
>> > should call your local mortgage broker.
>> >
>> >
>> >
>> > Countrywide's Wholesale Lending Division (WLD) offers all the same loan
>> > programs to loan brokers that are available from their retail outlets,
> at
>> > substantially lower rates.
>> >
>> >
>> >
>> > Countrywide is not alone; the same is true for Wells Fargo, Chase, and
>> > virtually every other major lender in America.
>> >
>> >
>> >
>> > The reason for this is something called, "The Cost of Origination", the
>> > time, energy, and resources necessary to find borrowers and write
>> > loans.
>> > Since the wholesale division relies on brokers to bear that cost, they
>> > pass the saving through. The broker, in turn, will share a portion of
>> > that savings with the borrower.
>> >
>> >
>> >
>> > If you don't believe me, you can prove it to yourself. Next time
>> > you're
>> > in the market to purchase or refinance a home, call your local
> Countrywide
>> > Home Loans branch. Ask the loan officer about a specific loan program
>> > that suits your needs. Then call your local mortgage broker and ask
>> > him/her if they are approved to originate Countrywide loans. When you
>> > find one who is, ask them to quote a rate on the same program.
>> >
>> >
>> >
>> > Even with broker origination fees, I guaranty the terms will be better.
>> >
>> >
>> >
>> > Try it.
>> >
>> >
>>
>>
>
>



Posted by Jeff Strickland on September 8, 2005, 6:16 pm
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> Countrywide Home Loans is one of America's largest mortgage lenders. They
> are a Fortune 200 company, and report funding over $10 billion in loans
> every month.
>
>
>
> But, the best-kept secret about Countrywide is, if you want the very best
> rate and terms for a Countrywide loan, you can't get it from Countrywide
> Home Loans!
>
>
>
> That's right; you read correctly. Countrywide's best rate and terms
> cannot be had from a branch of Countrywide Home Loans. Instead, you
> should call your local mortgage broker.
>
>

One should always call a broker. If the broker gets a rate lock, and rates
go down, he can simply flip the loan package to another lender. If he gets a
lick and rates go up, you don't care because you have a lock.








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