Countrywide forms Institutional Mortgage Service Group. (Business Alert).

COUNTRYWIDE CREDIT INDUSTRIES INC. HAS formed a new senior management group called the Institutional Mortgage Services Group (IMSG), and named Doug Jones, managing director of the company's Correspondent Lending Division, as its president. The new management group will bring three Countrywide units--the Correspondent Lending Division of Countrywide Home Loans Inc., closing services provider LandSafe Inc. and Countrywide Warehouse Lending Inc.--under one management umbrella to provide coordinated services and product packages to Countrywide's institutional business partners, including thousands of banks, credit unions and other financial entities.

"IMSG will manage and coordinate the activities of these three business lines, offering Countrywide's institutional business partners a comprehensive menu of products and services including correspondent lending, loan closing services and inventory financing through one unified interface," said Stan Kurland, Countrywide's executive managing director and chief operating officer.

Jones will be supported by Jack Schakett, who has been promoted to managing director of Countrywide and will serve as chief operating officer of IMSG. Sam Ourfalian, executive vice president and chief technology officer for the Correspondent Lending Division, will now hold the same titles and oversee all information technology activities for IMSG. Other key executives within IMSG include Michael Fame, managing director and president of LandSafe; and Tom Williams, president of Countrywide Warehouse Lending.