Magazine article American Banker

Countrywide Testing Software to Track Loans

Magazine article American Banker

Countrywide Testing Software to Track Loans

Article excerpt

Countrywide Credit Industries has a new computer product designed to tighten its valuable connections with mortgage and real estate brokers.

Countrywide's computer product, dubbed Direct Line Plus, is being tested in Texas and other areas. The company hopes to offer the program free as an incentive to mortgage brokers that work with it.

Brokers, in turn, would offer the system to real estate offices with which they do business.

Trend Toward Alliances

The development reflects a growing trend of partnerships and alliances between the real estate and mortgage banking industries.

Direct Line Plus will allow real estate agents to Perform two basic functions: access up-to-date rate information, and check on the status of a loan as it moves through the approval process.

The update function is seen as especially attractive to real estate agents, according to Cameron King, senior executive director of information services at Countrywide "Homebuyers are often nervous about getting the loan approved, and Direct Line Plus will let the real estate professional check for them."

Dual Purpose

That rates can be accessed through the system will serve a dual purpose, from Countrywide's point of view. It will advertise the mortgage bank's rates to a highly directed audience and will afford real estate agents a convenience they can provide to their clients.

Eventually, Mr. King envisions a second-generation product which could prequalify mortgage applicants at the real estate office. …

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