ANN ARBOR, Mich., June 30 /PRNewswire/ -- The Financial Institutions Group
of InterFirst Wholesale Mortgage Lending recently introduced six new stated
income products through its InterFirstlink community bank mortgage lending
program. The new stated income products, including fixed rate and adjustable
rate interest-only mortgages, help community banks compete effectively in
local markets by enabling them to meet the needs of a wide-range of potential
customers.
"InterFirstlink's stated income mortgage program allows community banks to
offer loans to a larger variety of customers, including those who are self-
employed or those whose wages primarily consist of commissions or tips," said
Michael Griffith, ABN AMRO Mortgage Group senior vice president and
InterFirstlink group manager. "This a great product which satisfies the
growing need of community banks' commercial clientele. With InterFirstlink's
stated income mortgage program, community banks are able to offer stated
income products, capture new customers and expand their reach in local
markets."
Stated income is a reduced document option on certain loans. Community
bank customers who choose this loan option will only be required to "state"
their gross monthly income when applying for the mortgage loan. The
presentation of W-2 forms, pay stubs and tax returns are not required for
consumers who choose a stated income loan program.
Purchases eligible for InterFirstlink's stated income products include
first purchase, first purchase with secondary financing, refinance for rate
and term as well as refinance for cash-out. The minimum loan amount for
InterFirstlink's stated income program is $50,000 and the maximum loan amount
is $1.5 million.
The introduction of stated income products is an expansion of the Web-
based capabilities available to community banks through InterFirstlink.
InterFirstlink's comprehensive mortgage lending program offers a variety of
lending products and services through a simple, Web-based loan origination
system, including processing, regulatory compliance, and marketing support.
For more information, please visit http://www.InterFirstlink.com or call
800-770-1673.
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 742.9 bln (as of March 31, 2005). It has over 3,000 branches in
more than 60 countries and territories, and has a staff of about 97,000 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.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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