Rule 424(b)(3)
                                   File Nos. 333-31529 and 333-31529-01

PRICING SUPPLEMENT NO. 40 DATED FEBRUARY 4, 1998
(To Prospectus Dated August 12, 1997, as Supplemented August 15, 1997)

                          COUNTRYWIDE HOME LOANS, INC.
                           MEDIUM-TERM NOTES, SERIES F
                   DUE NINE MONTHS OR MORE FROM DATE OF ISSUE
                     PAYMENT OF PRINCIPAL, PREMIUM, IF ANY,
              AND INTEREST FULLY AND UNCONDITIONALLY GUARANTEED BY
                       COUNTRYWIDE CREDIT INDUSTRIES, INC.
                               FLOATING RATE NOTES
                               -------------------


Trade Date:    February 4, 1998              Book Entry:    |X|
Issue Price:   100%                          Certificated:  |_|
Original Issue Date:    February 9, 1998     Principal Amount: $50,000,000
Stated Maturity Date:   February 9, 2000     Net Proceeds:     $49,875,000

                                             Specified Currency:U.S. Dollars

Base     |_| Commercial Paper       |X| LIBOR                 |_| Certificate of
Rate(s):      Rate                      Telerate Page 3750        Deposit Rate
         |_| Treasury Rate          |_| Federal Funds Rate    |_| Prime Rate
         |_| CMT Rate               |_| Eleventh District     |_| Other
                                        District Cost of
                                        Funds Rate

Exchange Rate Agent:  N/A

Minimum Denomination:  $100,000              Maximum Interest Rate: N/A
Initial Interest Rate: 5.725%                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 minus): Plus 10
                              Payment Date                           basis
                                                                     points
Interest Reset Dates: Same as Interest       Spread Multiplier: N/A
                      Payment Dates          Fixed Rate Commencement Date: N/A
Interest Payment Dates: Every May, 9,        Fixed Interest Rate: N/A
                        August 9, November 9,
                        and February 9,
                        commencing May 9,   
                        1998
Agent: Goldman Sachs & Co.
Calculation Agent: The Bank of New York

Redemption:                            Repayment:

Check box opposite applicable            Check box opposite applicable
   paragraph:                               paragraph:
|X| The Notes cannot be                  |X|  The Notes cannot be
    redeemed prior to maturity.               be repaid prior to maturity.
|_| The Notes may be redeemed            |_|  The Notes may be
    prior to maturity.                        repaid prior 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  constitute
unsecured and  unsubordinated  indebtedness of CHL and will rank pari passu
in  right  of  payment  with  CHL's  other  unsecured  and   unsubordinated
indebtedness.  As of  November  30,  1997  the  Guarantor  did not have any
secured  indebtedness  outstanding,  and  CHL  had  $258,207,000  aggregate
principal amount of secured indebtedness outstanding.  As of such date, CHL
had   $7,136,241,000   aggregate   principal   amount  of   unsecured   and
unsubordinated  indebtedness  outstanding,  which indebtedness  ranked pari
passu in right of payment  with CHL's other  unsecured  and  unsubordinated
indebtedness and will rank pari passu in right of payment with the Notes to
which this Pricing Supplement relates.