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Published on: 12/1/2002
Last Visited: 1/4/2004
Countrywide Home Loans (www. countrywide.com), Calabasas, California, is way ahead of its projected volume this year for online originations, says Bruce Cornelius, Countrywide's senior vice president in charge of Internet channel management.
The company claims a 400 percent increase in its online business since 2000, according to a September Countrywide news release.In 2000, Cornelius says the company had $13.5 billion in originations from e-commerce.And while Cornelius says a large percentage of the online volume comes from refis, the company has seen record-breaking online numbers in the purchase and home-equity markets this year as well.
The company's approach remains the same, Cornelius says: reducing the paper and time it takes to complete the loan process.The company started offering online approvals in 2001 for purchase loans, and in January 2002 for refis, he says.These features allow customers to be proactive about getting a loan, he adds.
With online tools such as Today's Rates, which allows customers to compare closing costs and make a decision about a product, Countrywide helps customers determine what kind of loan they might need, Cornelius says.Countrywide plans to expand its online presence in the home-equity market, Cornelius says, while continuing to grow in the purchase market.The company's future online efforts include a "major push into new channels, such as real estate, builders, credit unions and smaller entities," he says.