DreamFirst Enables Mortgage Brokers to Expand Market Share,
Capture New Customers
ANN ARBOR, Mich., July 19 /PRNewswire/ -- InterFirst Wholesale Mortgage
Lending, a division of ABN AMRO Mortgage Group, Inc., recently began offering
DreamFirst, a new mortgage product suite designed to meet the needs of low- to
moderate-income borrowers as well as those in underserved markets.
"DreamFirst offers mortgage brokers an opportunity to grow their business,
especially with those customers that are first-time homebuyers and borrowers
with limited credit and limited funds to close," said Fran Clemens, InterFirst
senior vice president, emerging markets. "In a competitive mortgage market,
products like DreamFirst that provide brokers with the ability to attract a
wide range of customers are keys to success."
"DreamFirst also enables mortgage brokers to expand their business in
Department of Housing and Urban Development-defined underserved markets,
including immigrant home buyers," Clemens added. "DreamFirst enables
InterFirst's mortgage broker customers to serve a wider variety of consumers
in their local markets."
The new DreamFirst product suite makes affordable mortgages available at
conforming mortgage prices, ultimately protecting borrowers from unfair,
predatory lending practices. Features of DreamFirst include a higher
debt-to-income ratio allowance, manual underwriting on "cautioned" or
"referred" loans, and the acceptance of physical cash for a down payment.
Most DreamFirst mortgage loans require consumers to complete pre-credit
counseling that details the basics of homeownership, credit, mortgage lending,
budgeting and home maintenance. All DreamFirst mortgage loans also require
borrowers have a valid social security number.
Products in InterFirst's DreamFirst suite include 15-, 20-, and 30-year
fully amortizing, fixed-rate mortgages as well as 7/1 and 10/1 LIBOR-based
adjustable-rate mortgages. DreamFirst products are available to mortgage
brokers through InterFirst's account executives or via InterFirst's online
lending portal, MOAI (Mortgages Online at InterFirst)
http://www.interfirst.com .
About InterFirst Wholesale Mortgage Lending
Headquartered in Ann Arbor, Michigan, InterFirst Wholesale Mortgage
Lending is consistently one of the nation's top wholesale and correspondent
lenders. InterFirst has created and maintained its position as an innovative
market leader by responding to the needs of its customers with personalized
service, training, and marketing support. InterFirst Wholesale Mortgage
Lending is a division of ABN AMRO Mortgage Group, Inc.
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 InterFirst Wholesale Mortgage Lending
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Related links:
http://www.abnamro.com
http://www.interfirst.com
CONTACT:
Jennifer Cornell of Eiler Communications,
+1-734-761-3399, Jenn@EilerPR.com for InterFirst Wholesale
Mortgage Lending
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