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COUNTRYWIDE FUNDING REPORTS ON EXPEDITING THE REFINANCE PROCESS

 COUNTRYWIDE FUNDING REPORTS ON EXPEDITING THE REFINANCE PROCESS
 PASADENA, Calif., Feb. 7 /PRNewswire/ -- Low interest rates have homeowners scrambling to refinance, causing bottlenecks at mortgage lending offices nationwide. According to Countrywide Funding, which is receiving nearly 10,000 refinance calls a day, homeowners can expedite the refinancing process and reduce time spent on the telephone.
 Countrywide, the nation's largest independent mortgage banker, has sped up the process by advising homeowners that they can save time and avoid unnecessary phone calls by having the following information ready prior to contacting a mortgage lender:
 -- Current monthly mortgage payment;
 -- Current mortgage interest rate;
 -- Mortgage balance;
 -- Address of property to be refinanced;
 -- Total monthly gross income;
 -- Monthly debts, excluding mortgage; and,
 -- Value of other assets.
 Homeowners can also assist lenders in determining a loan program to best fit their individual needs by being prepared to discuss other considerations, including what they hope to achieve by refinancing, such as lowering their monthly mortgage payment or obtaining "cash out" and how long they intend to remain in their home. Homeowners should also prepare a list of questions, as they come up, so that they can all be completely answered during their conversation with their lender.
 For homeowners who prefer the convenience of dealing by mail, Countrywide offers a free "Refinance Kit," which is available by calling 800-877-LOAN. The kit includes a refinance application which can be completed at home, and returned to Countrywide in the pre-addressed envelope provided, as well as additional refinance expediting tips.
 Homeowners should be aware that the refinance process, which normally takes between two to four weeks, may now take up to 45 days. At Countrywide, after the loan application is received, a property appraisal, credit report and title search are ordered. The application is then processed to determine that the qualifications meet accepted underwriting standards. Following loan approval, the escrow company or closing agents are instructed to close the loan and make arrangements for signing of the loan documents.
 Countrywide Funding Corp. is the nation's largest independent mortgage banker, originating and servicing single-family loans up to $1 million. Founded in 1969, Countrywide is headquartered in Pasadena, with retail and wholesale branches located in more than 100 cities across the country.
 -0- 2/7/92
 /CONTACT: Suzanne Thompson of Countrywide Funding, 818-304-8479/ CO: Countrywide Funding Corp. ST: California IN: FIN SU:


DM-JL -- LAFNS1 -- 8023 02/07/92 07:35 EST
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Date:Feb 7, 1992
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