Countrywide renames non-prime lending unit

Countrywide today announced it is re-launching its business unit dedicated to non-prime lending using the new name, Specialty Lending Group.

The company aims to define the non-prime market with a name that is more respectful and more accurately portrays the needs of borrowers who have had temporary setbacks in their financial circumstances, said Debbie Rosen, managing director, Specialty Lending Group.

The previous business-unit name was not disclosed.

Among the initiatives currently underway to enhance the Specialty Lending Group's relationships with brokers are expansion of the number of specialists available to assist originators and new online tools built specifically for Specialty Lending.

Originators who work with an array of borrower circumstances can turn to the Specialty Lending Group. The non-prime market goes beyond customers who have experienced temporary setbacks and can include customers who are self-employed or owners of businesses, and borrowers who want to purchase or refinance unusual property types.

Calabasas, Calif.-based Countrywide Financial Corp. (NYSE: CFC) provides mortgage banking and diversified financial services in domestic and international markets.

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