The company, formerly owned by Bank of America, is now known as LoanDepot and has been for several years since its purchase. The name change, which was announced on March 11th, is a result of the retailer's desire to distinguish itself from its former parent company.
For almost 40 years, Countrywide has been a leader in the US mortgage sector. It was one of the first companies to adopt online mortgage applications and provided fast and efficient loan process. But after the financial crisis of 2008, Countrywide was forced into bankruptcy and was sold to Bank of America. After two years of ownership, Bank of America decided to rebrand the lender to LoanDepot.
The purpose of the name change was not only to separate the company from its former parent, but also to move away from the negative connotations associated with its former name. Despite its past success, Countrywide has been linked to many of the bad practices that contributed to the subprime mortgage crisis. This included predatory lending, unsound sales practices, and discriminatory practices. All of these factors weighed heavily on the company's reputation and, ultimately, its brand value.
By changing its name to LoanDepot, the company hopes to create a more positive image in the eyes of consumers. This includes offering innovative products and services, utilizing advanced technology, and delivering a customer-centric service experience. LoanDepot will continue to offer mortgages, auto loans, HELOCs, and other types of financing.
The transition from Countrywide to LoanDepot is expected to take place on April 6th. As part of the change, all existing contracts, agreements, and documents will transfer over to the new name. The company will also be launching a new website and logo to reflect the transition.
In summary, Countrywide, a leading mortgage lender in the US, is set to retire its name in April. The decision was made by its current owner, LoanDepot, in order to move away from the negative connotations that have been linked to the former brand. LoanDepot, formerly owned by Bank of America, wants to create a more positive image and focus on providing innovative products and services, utilizing advanced technology, and delivering a customer-centric service experience. The transition to the new name is expected to take place on April 6th, and the company will also be launching a new website and logo to accompany the change.
This article was contributed on Dec 06, 2023
