Countrywide

www.countrywide.com

The Countrywide Concierge greets existing customers. Hokey? Yes, but we think the metaphor works.

Countrywide (Pasadena, CA; $171 billion serviced), the nation’s second largest mortgage lender, continues to be an online pioneer. Although we feel the bill payment program announced last month is ill-conceived, we’re confident they will make it a winner eventually. The other online services offered by the Countrywide Concierge (table below and screenshot above) are right on the money www1.countrywide.com/customers/customer.html

Source: company 5/20/98

Last year we reviewed Countrywide’s sales approach in detail. At that time, they were funneling users into its “Gold” program for A+ credits. The Gold program is still available but you have to search for it. Now the company is trying to pull everyone into an application, even if they just want to know how much home they can afford. We think the company is driving good prospects away in its understandable haste to get them to identify themselves on the Web. You should allow users to do some research before beginning a loan application. We like the gentler approach from E-Loan much better Focus on getting shoppers signed up for an email rate-update service rather than prematurely throwing them into the application process.

The RateWatch sign-up form is used to set up
an email alert when it’s time to refinance at www1.countrywide.com/customers/RateWatch/watch.html

Countrywide’s RateWatch

Sign up for free email rate updates by selecting state, loan program, refinance or purchase, and target rate. Then in screen two (above), input name, email address, phone and a choice of three email frequencies:

•  weekly
•  when rates change by 0.125%, 0.25%, or 0.375%
•  only when a user-set target rate is achieved

Personal Loan Watch compares existing Countrywide loans against current market rates from HSH Associates.