ANN ARBOR, Mich., April 25 /PRNewswire/ -- The Financial Institutions
Group of InterFirst Wholesale Mortgage Lending, a division of ABN AMRO
Mortgage Group, recently provided Scituate Federal Savings Bank with
technology that enables the bank to offer second home loans. The addition of
second home loans to Scituate's mortgage product offerings enables the bank to
attract new customers and retain current customers while minimizing overhead
and infrastructure.
A departure from its regional lending approach, the program, titled "Coast
to Coast," offers financing for Scituate customers who buy a second home
anywhere in the United States. The unique "Coast to Coast" loan program is
powered by the Financial Institutions Group's InterFirstlink product.
Scituate began using InterFirstlink in October 2003 to provide a variety of
mortgage loans to its customers.
"The technology provided through InterFirstlink opens a new business
channel and revenue stream for Scituate," said Michael Griffith, ABN AMRO
Mortgage Group senior vice president and InterFirstlink group manager.
"InterFirstlink also enables Scituate to guarantee the mortgage's closing
costs at the time the loan's interest rate is locked, ensuring that customers
are satisfied with the mortgage process from start to finish. The combination
of InterFirstlink technology and Scituate's attention to its customers helps
Scituate stand out in its competitive local market."
"Scituate has been using the InterFirstlink program very successfully for
more than a year; launching the Coast-to-Coast program and making loans to
Scituate customers buying a home out-of-state was a natural extension of that
existing relationship," said James Doyle, Scituate senior vice president,
lending. "Given Scituate's federal charter and InterFirstlink's national
clout and infrastructure, there was no reason not to extend what Scituate was
doing here in Massachusetts throughout the country."
"Scituate's customers know us, trust us, and are comfortable with the bank
and this program," Doyle continued. "Customers can come into any one of
Scituate's offices to apply for and then close their loan, just as if they
were buying a house locally, except they are buying anywhere in the U.S.
Outsourcing to InterFirstlink not only removes the burden of processing and
closing a loan, it allows Scituate to be very competitive with mortgage
products, interest rates, and loan terms in each community that it may lend --
Coast-to-Coast."
About Scituate Federal Savings Bank
Scituate Federal Savings Bank is a mutually owned, federally chartered
savings bank headquartered in Scituate, Massachusetts. Organized in 1928 as a
Massachusetts co-operative bank, it has been able to grow and change while
retaining its mutuality, an essential commitment to the people it serves. For
more information, visit http://www.scituatefederal.com or call 781-834-2100.
About the Financial Institutions Group of InterFirst Wholesale Mortgage
Lending
The Financial Institutions Group of InterFirst Wholesale Mortgage Lending
provides mortgage capabilities to community banks through its InterFirstlink
program. InterFirstlink is a comprehensive mortgage lending program that
provides a simple, Web-based loan origination system, processing, regulatory
compliance, and marketing support. InterFirstlink enables financial
institutions to establish a mortgage operation without increasing staff or
other resources, while retaining brand identity with customers. Information
on InterFirst's Financial Institutions Group is available at
http://www.InterFirstlink.com or by calling 800-770-1673.
About ABN AMRO Mortgage Group, Inc.
ABN AMRO Mortgage Group is one of the largest loan originators and loan
servicers in the United States. ABN AMRO Mortgage Group produces mortgage
loans and provides related services through its various divisions. ABN AMRO
Mortgage Group has approximately 3,000 employees located throughout the United
States.
About ABN AMRO N.V.
Netherlands-based ABN AMRO is a leading international bank with total
assets of EUR 608.6 bln (as of December 31, 2004). It has over 3,000 branches
in more than 60 countries and territories, and has a staff of about 100,000
full-time equivalents worldwide. ABN AMRO is listed on the Euronext and New
York stock exchanges.
SOURCE ABN AMRO Mortgage Group, Inc.
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Related links:
http://www.abnamro.com
http://www.scituatefederal.com
http://www.InterFirstlink.com
CONTACT:
Jennifer Cornell of Eiler Communications,
+1-734-761-3399, or Jenn@EilerPR.com , for ABN AMRO Mortgage
Group, Inc.
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