0000895345-99-000021 424B3 1 19990120 COUNTRYWIDE HOME LOANS INC 0000814509 6162 132631719 NY 0228 424B3 33 333-66467 99508567 4500 PARK GRANADA BLVD CALABASAS CA 91302 8182253000 4500 PARK GRANADA CALABASAS CA 91302 COUNTRYWIDE FUNDING CORP 19931018 COUNTRYWIDE CREDIT INDUSTRIES INC 0000025191 6162 132641992 DE 0228 424B3 33 333-66467-01 99508568 4500 PARK GRANADA BLVD CALABASAS CA 91302 8182253000 4500 PARK GRANADA BLVD CALABASAS CA 91302 424B3 1 PROSPECTUS SUPPLEMENT Rule 424(b)(3) File Nos. 333-66467 and 333-66467-01 PRICING SUPPLEMENT NO. 7 DATED January 14, 1999 (To Prospectus Dated November 10, 1998, as Supplemented November 10, 1998) COUNTRYWIDE HOME LOANS, INC. MEDIUM-TERM NOTES, SERIES H UNCONDITIONALLY GUARANTEED BY COUNTRYWIDE CREDIT INDUSTRIES, INC. FLOATING RATE NOTES ------------------- Trade Date: January 14, 1999 Book Entry: |X| Issue Price: 100% Certificated: |_| Original Issue Date: January 20, 1999 Principal Amount: $ 19,500,000 Stated Maturity Date: January 20, 2000 Net Proceeds: $ 19,490,250 Specified Currency: U.S. Dollars Base |_| Commercial Paper Rate |X| LIBOR |_| Certificate of Rate(s): Telerate Page 3750 Deposit Rate |_| Treasury Rate |_| Federal Funds Rate |_| Prime Rate |_| CMT Rate |_| Eleventh District |_| Other Cost of Funds Rate Exchange Rate Agent: N/A Minimum Denomination: $1,000 Maximum Interest Rate: N/A Initial Interest Rate: 5,07219% Minimum Interest Rate: N/A Interest Determination Dates: Two Business Interest Factor Convention: N/A Days prior to Index Maturity: Three months each Interest Spread (plus or Payment Date minus): Plus 10 basis points Interest Reset Dates: Same as Interest Spread Multiplier: N/A Payment Dates Fixed Rate Commencement Interest Payment Dates: January 20, April Date: N/A 20, July 20 and Fixed Interest Rate: N/A October 20, 1999, commencing April 20, 1999 Agent: Deutsche Bank Securities Calculation Agent: The Bank of New York Redemption: Repayment: Check box opposite applicable paragraph: Check box opposite applicable paragraph: |X| The Notes cannot be redeemed prior to |X| The Notes cannot be repaid maturity. prior to maturity. |_| The Notes may be redeemed prior to |_| The Notes may be repaid prior maturity. to maturity. Initial Redemption Date: Optional Repayment Dates: Initial Redemption Percentage: Annual Redemption Percentage Reduction, if any: Additional/Other Terms: N/A ------------------- The Notes to which this Pricing Supplement relates will be unsecured and unsubordinated indebtedness of CHL and will rank equally with CHL's other unsecured and unsubordinated indebtedness. As of November 30, 1998, the Guarantor did not have any secured indebtedness outstanding and CHL had $15,023,000 aggregate principal amount of secured indebtedness outstanding. As of that date, CHL had $8,964,675,000 aggregate principal amount of unsecured and unsubordinated indebtedness outstanding, which indebtedness ranked equally with CHL's other unsecured and unsubordinated indebtedness and will rank equally with the Notes to which this Pricing Supplement relates.