Printer Friendly

COUNTRYWIDE RESPONDS TO BOEING ARTICLE IN SEATTLE POST INTELLIGENCER

 Lender Continues to Work Actively with Seattle Residents
 and Boeing Employees
 PASADENA, Calif., April 30 /PRNewswire/ -- Countrywide Funding Corp., the nation's largest mortgage lender, is working actively with Seattle residents -- including those employed by Boeing -- to help them realize their home ownership goals.
 "We are doing everything in our power to finance home loans for all eligible residents," said Ralph Mozilo, Countrywide's executive vice president of compliance and underwriting. "We are in the business of making sound home loans, which must meet the guidelines of the Secondary Market and investors, whom these loans are sold to."
 Confusion erupted when erroneous reports were aired by local media, including a broadcast statement that Countrywide will not work with any Boeing employees, based on the corporation's announcement of pending layoffs.
 "That statement is absolutely untrue -- Countrywide is working with Boeing employees," said Mozilo. "To further accommodate them, we stated in a letter to Boeing our desire to work closely with its human resources department to assist employees -- particularly those who have received a 60-day warn notice of potential layoffs. If these employees are transferred to other departments, we'd like to know immediately, in order to expedite the review and avoid any unnecessary delays and frustrations."
 In response to the pending layoffs, the Federal Housing Authority (FHA) stated that home mortgage applicants who receive 60-day warn notices from Boeing will be ineligible for insurance unless the loan is a streamlined refinance. FHA's action spurred Countrywide to issue a bulletin from its Correspondent Lending Division, which works with other lenders to finance loans. The bulletin is a regular update sent to Countrywide correspondents about current compliance and policy issues. Included in the recent bulletin were guidelines for working with Seattle Boeing employees, to determine their employment status.
 "As a general corporate policy, Countrywide and its business partners are advised to make prudent and sound home loans in every situation," said Mozilo. "This is not a unique Seattle-Boeing policy. Industry underwriting guidelines include an assessment of the applicant's past and current work situation.
 "We have a responsibility to investors who buy the loans and a commitment to `do right' by the applicants as well. Countrywide feels a responsibility to its mortgagors -- we want them to be successful homeowners, and avoid the potential hardships associated with a loss or interruption of substantial income. Thus, if any applicant is denied a loan -- for whatever reason -- we do our best to counsel and assist the person."
 Because employment history and current job status are critical in the underwriting and approval of a loan, Mozilo believes other lenders in Seattle and nationally have similar guidelines. "We are sympathetic to the plight of Boeing employees, and are not doing anything unusual by industry standards. I'm sure other lenders are exercising equally prudent judgment -- otherwise they wouldn't still be in business," he stated.
 Countrywide Funding Corp. originates and services single-family home loans, which are sold to the Secondary Market. Founded in 1969, Countrywide employs more than 3,200 people at its Pasadena headquarters and in more than 200 offices across the country.
 -0- 4/30/93
 /CONTACT: Catherine Zimring, 818-666-3843, or Laura Lippman, 818-304-4422, both of Countrywide Funding/


CO: Countrywide Funding Corp.; Boeing ST: California, Washington IN: FIN SU:

LS-JL -- LA031 -- 3461 04/30/93 17:59 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 30, 1993
Words:546
Previous Article:HEALTHY CHOICE LUNCH MEATS AND SPAGHETTI SAUCES WIN EDISON AWARDS
Next Article:ITT SHERATON CORPORATION ENTERS U.S. GAMING ARENA WITH RIVERBOAT CASINO PARTNERSHIP IN NEW ORLEANS' FRENCH QUARTER
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters