Countrywide Selects Guardian Mortgage Documents' Web-Based System for Easy, Quality-Controlled Production of HELOC Documents for Correspondent Lenders Through Platinum Lender Access.

Business Editors

LAKEWOOD, Colo. & CALABASAS, Calif.--(BUSINESS WIRE)--June 16, 2003

Unique System Interface Automatically Exports Data from Countrywide's Platinum(R) Website to GMD's Next Generation Input System (NGIS)(TM), Which Validates Information Prior to Production and Saves Lenders Time

Countrywide, the nation's leader in residential correspondent lending, has made Web-based HELOC document preparation and delivery available to its correspondent lenders through an alliance between Guardian Mortgage Documents (GMD), a document technology solutions provider, and Countrywide's Correspondent Lending Division (CLD).

Through an interface between Countrywide's Platinum Lender Access(R), a secured website (https://cld.countrywide.com) created and maintained by CLD to assist correspondent lenders, and GMD's Next Generation Input System (NGIS)(TM), lenders can now quickly generate HELOC documents that conform to Countrywide-specific guidelines and receive the documents within seconds of requesting them. This new interface automatically exports loan data directly from Platinum into NGIS, minimizing rekeying of document data by the lender. The system's quality control features check for accuracy prior to document ordering, helping to ensure that all information, including pricing, is correct.

"HELOC documents are so complex, and the requirements vary dramatically from state to state," said John Dixon, Executive Vice President, Countrywide. "Combining our Platinum site with GMD's web-based document preparation technology enables lenders to easily navigate the process of creating and ordering these complicated documents. One of our top priorities is to make the loan origination process as simple and painless as possible for our correspondent lenders, and Guardian Mortgage Document's NGIS system helps eliminate potential lender headaches on the way to a closed and sold loan."

All Countrywide correspondent lenders will have the ability to use the new service through the Platinum website. Members of Countrywide's CLD team have received extensive training on the NGIS system and will provide training for lenders on using the new service.

"HELOC document requirements differ from mainstream conventional products because of the significant variation of state compliance requirements and the general complexities of the transaction," said Michael O'Leary, President of Guardian Mortgage Documents. "The combination of interfacing loan data and having Countrywide's customized documents, along with their business rules and edits programmed into NGIS, reduces the overall workload and helps correspondent lenders meet purchase closing stipulations. With its interface to NGIS, Countrywide's Platinum Lender Access site is a tool that truly makes the lender's job much easier."

Documents are generated for both new and existing loan registrations by NGIS through the Platinum site without requiring the lender to upset normal workflow patterns at any time. The software guides lenders through the system and validates information for quality control. Because the software is web-based, lenders do not need to install software from CDs, manage upgrades, or fill out and fax paperwork.

"We were looking for a solution that would simplify the total workflow process for HELOCs," said Zvart Hovsepian, First Vice President of Equity Operations, Countrywide Bank. "Now, when lenders enter information into our automated underwriting system, the information is automatically exported into the NGIS system, eliminating a huge burden for lenders. Countrywide selected GMD based on four criteria: its reliable IT infrastructure and expertise; the industry knowledge and experience of its account team for document set-up; NGIS's flexible technology in quick creation and updates of custom input screens and data field validations; and its electronic delivery options. NGIS is the best overall solution for our correspondents."

"From a portfolio and profit margin perspective, Countrywide recognizes the value of making HELOCs as easy to produce as mainstream conventional products," said Tim Anschutz, Vice President of Marketing, GMD. "Often times, dealing with HELOC idiosyncrasies can add time to the equation and significantly lessen a correspondent's comparative per loan profit margin. Countrywide's new system streamlines HELOC production and helps increase the overall value that HELOCs deliver to a correspondent's portfolio."

Countrywide's approximately 1,600 correspondent lenders have complimentary, 24-hour access to current CLD information on the Platinum website with a wide variety of features, benefits and tools. NGIS document production services are provided on a fee per loan basis, with no fee for redraws and is available to lenders through the Platinum site.

About Guardian Mortgage Documents

Lakewood, Colorado-based Guardian Mortgage Documents (GMD) is a provider of technology solutions that enable fast, easy preparation and electronic delivery of closing documents. With more than 16 years in the industry, GMD's products and services focus on streamlining the closing process with flexible, proprietary web-based software that creates and delivers high quality, customized closing documents. GMD's clients include three of the top four residential correspondent lending institutions(a). For general information, visit www.gmdinfo.com or call [phone].

Note: (a) According to Origination News, June 2003, "Top Res. Correspondent Lenders in Q1 '03"

About Countrywide

Founded in 1969, Countrywide Financial Corporation (NYSE: CFC) is a member of the S&P 500, Fortune 500 and Forbes 500. Countrywide, through its subsidiaries, provides mortgage banking and diversified financial services in domestic and international markets. Consumer businesses include mortgages, banking, insurance and other financial products. Business-to-business activities encompass capital markets, transaction processing and insurance. The company is headquartered in Calabasas, California and has more than 30,000 employees with over 500 offices nationwide.

Countrywide's Correspondent Lending Division offers an extensive array of mortgage products which include fixed- and adjustable-rate, conventional, jumbo, government, subprime, home equity and expanded criteria loans. They also offer varying and flexible delivery and commitment options tailored to the needs of all clients. For more information contact CLD Seller Services at 800-669-6680. Sellers are also served through the CLD's Internet site, Platinum Lender Access(R) at https://cld.countrywide.com.