Countrywide Home Loans Inc. today announced a joint venture with Pacific Coast Communities, a San Diego home builder. The residential mortgage powerhouse and home builder formed PCC Mortgage Group, which aims to provide more home-financing options to San Diego County homeowners.
“PCC Mortgage Group will offer some of the most competitive loan products, interest rates and services in the industry. A variety of loan programs, including zero-down-payment loans and fixed- and adjustable-rate options will be available through PCC Mortgage Group,” company officials said today. PCC sells between 300 and 400 units per year.
The latest announcement is part of a Countrywide push to engage in joint ventures with home builders, real estate companies and financial service companies. The company formed Countrywide Mortgage Ventures LLC in 2001 to facilitate these joint ventures. Countrywide Mortgage Ventures has a headquarters in Calabasas, Calif.
The joint venture will provide the following to those people who purchase a Pacific Coast Communities home:
- A PCC Mortgage Group “loan counselor” who works closely with a Pacific Coast Communities “home counselor” to develop a financial package for the buyer’s particular home and situation.
- A choice of home loan products and services to qualified borrowers – whether they buy a Pacific Coast Communities home or not.
- One of the widest selections of loan programs available, including the Fast & Easy program that enable qualified borrowers with excellent credit access to a streamlined loan application.
- Streamlined approval process, subject to satisfactory property review and no change in borrower’s financial condition.
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