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Countrywide, a Trusted Name in Home Financing

For more than three decades, Countrywide has helped millions of people achieve the American dream of home ownership. Today, Countrywide Financial Corporation is America’s #1 home loan lender^, and the Countrywide family of companies offers a multitude of financial products and services—all with the quality and level of service you expect from the Countrywide name.

Two Countrywide family companies - Countrywide Bank, FSB and Countrywide Home Loans, a Division of Countrywide Bank, FSB - have teamed together to offer reverse mortgage products through Countrywide Bank. Education is critical and Countrywide is committed to helping seniors make informed decisions and understand their home loan choices.

Countrywide is the 91st largest company on the 2007 Fortune 500 list and 168th on the 2007 Forbes Global 200. At the local level, we pride ourselves on our industry-recognized customer service and local expertise. Because it is likely that you have already been through the home loan process yourself, you know how important it is that your home loan provider has the experience to help you navigate through the process. That's why Countrywide has a dedicated team trained to help you understand and take advantage of a reverse mortgage as a valuable financial tool.

Countrywide supports informed decisions.

As part of our effort to ensure that the information you need has been made available to help you make an informed decision, below are additional resources you may wish to consider for additional consumer education.

National Reverse Mortgage Lenders Association Code of Conduct

Countrywide adheres to the highest ethical standards, and is committed to guiding you through the reverse mortgage process with accurate and honest information. We are a member of the National Reverse Mortgage Lenders Association (NRMLA) and subscribe to their Code of Conduct (provided below).

NRMLA is a leading national voice for lenders and investors engaged in the reverse mortgage business, devoted to advocacy on reverse mortgage lending issues with Congress and the Federal government, education and training for reverse mortgage lenders and borrowers, and development and maintenance of ethical standards for reverse mortgage lenders.

Members of NRMLA are mindful that the soundness, usefulness, prosperity, and future of the reverse mortgage industry depends upon the honor and integrity of all those engaged in the business. Each member of this association agrees to observe and maintain the following standards of conduct in dealing with the senior community and their families:

  1. Treat all clients with respect and dignity.
  2. Protect the client's privacy and confidentiality and not distribute personal financial information to any third party without permission from the client. Note: You will receive a copy of Countrywide’s Privacy Policy which outlines your options and our information-sharing practices, which in selected circumstances involve sharing information with affiliates or as required to service your loan.
  3. Encourage clients to discuss the loan transaction with family members and/or other trusted advisors.
  4. Inform clients at no charge about all of the member's reverse mortgage programs and assist each client to determine the program most suitable for his or her needs.
  5. When estimating potential reverse mortgage benefits, clearly and accurately identify all costs.
  6. Take reasonable steps to check out the background and procedures of third parties before accepting referrals of business from them, and refuse to accept referrals from those that are found unacceptable. Members shall disclose to clients any third party with a financial interest in the reverse mortgage transaction.
  7. Not imply to a borrower that he or she is obligated to purchase any other product or service offered by the member or any other company in order to obtain a reverse mortgage. Note: We may order credit reports, appraisals and other loan-related services from affiliated companies as part of the loan process.
  8. Pay all loan proceeds directly to the borrower, except to retire existing debt, pay a contractor from the borrower's repair set-aside account, or pay property taxes or Hazard insurance premiums from the borrower’s set-aside account for taxes and insurance. The loan documents describe all potential uses of loan proceeds. Note: Not all reverse mortgage accounts involve a set-aside account for taxes and insurance. The loan documents describe all potential uses of loan proceeds.
  9. Employ individuals who have passed a background check and are found to be of good moral character.
  10. Report any suspected violations of the Code of Conduct to the National Reverse Mortgage Lenders Association, and cooperate with all their investigations.
  11. Make a good-faith effort to resolve concerns received from clients about a reverse mortgage transaction.
  12. In all of their loan origination arrangements, comply (with the advice of qualified counsel as appropriate) with all applicable regulatory requirements including: (i) provisions of the Federal Real Estate Settlement Procedures Act barring referral fees; (ii) state mortgage regulatory provisions requiring licensing by loan originators, if applicable; and (iii) with respect to FHA-insured HECM reverse mortgage loans, FHA provisions requiring licensing and restricting employment arrangements.

To speak with a Countrywide Reverse Mortgage Solutions Advisor, call 1-800-959-3789.