Countrywide Funding Corp. has announced the promotion of Stanford L. Kurland to president.
Prior to the promotion, Mr. Kurland was chief financial officer and chief operating officer at Countrywide Funding and was responsible for financial management, operations, administration, loan servicing, loan production, and marketing.
He takes the title from Angelo R. Mozilo, who remains chairman and chief executive officer of Countrywide Funding and vice-chairman of Countrywide Credit Industries, the parent company. Mr. Mozilo became chairman of the subsidiary in November 1994, after David S. Loeb stepped down. Mr. Loeb is currently chairman of Countrywide Credit.
Mr. Mozilo became chairman of Countrywide Funding when Gerald Baker announced his departure as marketing chief at the subsidiary to become chairman and chief executive of Fleet Mortgage Group last November.
Mr. Kurland said that nominally Mr. Baker's position had not been filled, but over the last year he had assumed much of what had been Mr. Baker's responsibilities.
"Over the course of one year I have been assuming more and more responsibility for the overall operations of the company. In addition to the role I played for many years guiding the finances of the company and back-office and loan servicing areas, I've taken on responsibility for the production division and marketing of the company," he said.
Mr. Kurland said Mr. Mozilo would continue in his role as chairman to oversee Countrywide's operations, as well as other Countrywide subsidiaries.
"The promotion is more of a recognition of the role I play in the company and in preparation for the future," he said, than a change in management structure.
Mr. Kurland said he was very excited about the future of the company and was happy to be playing a leadership role.
Countywide, the nation's largest mortgage lender, services a loan portfolio of about $116 billion.