ANN ARBOR, Mich., Aug. 8 /PRNewswire/ -- ABN AMRO Mortgage Group, Inc.,
one of the nation's leading mortgage lenders, recently began offering
DreamFirst through its LaSalle Bank and Standard Federal Bank retail lending
channels. DreamFirst, previously only available through AAMG's InterFirst
Wholesale Mortgage Lending division, is a mortgage product suite designed to
meet the needs of low to moderate income borrowers as well as those in
underserved markets.
"DreamFirst enables AAMG to meet the mortgage needs of first-time
homebuyers, immigrants, and borrowers with limited credit and limited funds to
close," said Fran Clemens, AAMG senior vice president, emerging markets.
"DreamFirst makes affordable mortgages available at conforming mortgage
prices, ultimately protecting borrowers from unfair, predatory lending
practices."
DreamFirst products include 15-, 20-, and 30-year fully amortizing, fixed-
rate mortgages as well as 7/1 and 10/1 LIBOR-based adjustable rate mortgages.
Features of DreamFirst include a higher debt-to-income ratio allowance, manual
underwriting on "cautioned" or "referred" loans, and the acceptance of cash
for down payment.
Most DreamFirst mortgage loans require consumers complete pre-credit
counseling that details the basics of homeownership, credit, mortgage lending,
budgeting and home maintenance. All DreamFirst mortgage loans require that
borrowers have a valid social security number.
As part of its ongoing enhancements to the DreamFirst product suite, later
this year, AAMG also plans to develop updated mortgage information and fact
sheets in Spanish.
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
CONTACT:
Jennifer Cornell of Eiler Communications,
+1-734-761-3399, or Jenn@EilerPR.com , for ABN AMRO Mortgage
Group, Inc.
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