PASADENA, Calif. -- CWM Mortgage Holdings Inc., formerly Countrywide Mortgage Investments Inc., will offer tract construction loans to developers and will purchase combined construction and permanent consumer loans from originators.

Michael Perry, chief operating officer, said a new subsidiary, Construction Lending Corporation of America, had been formed to handle the tract lending.

Kathleen H. Rezzo, a construction-lending veteran, will be president of Construction Lending and will also be in charge of the construction-permanent purchases.

Previously, she was a senior vice president of a Bank of America construction lending group.

CWM also announced unaudited earnings of $8.3 million, or 26 cents a share, for the third quarter. Earnings for the comparable quarter last year were $564,000, or 3 cents a share. For the quarter ended June 30, 1994, earnings per share were 18 cents.

The company's board of directors declared a cash dividend of 26 cents a share for the quarter, payable Nov. 15, 1994, to shareholders of record of Oct. 25, 1994. The company paid a cash dividend of 12 in the quarter a year earlier.

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