ANN ARBOR, Mich., Aug. 10 /PRNewswire/ -- The Financial Institutions Group
of InterFirst Wholesale Mortgage Lending, a division of ABN AMRO Mortgage
Group, Inc., recently expanded its InterFirstlink program to include second
mortgages. Closed-end fixed rate (program 410) and closed-end balloon
(program 411) programs are now available through InterFirstlink, a Web-based
system that enables community banks to offer industry-leading mortgage
products and services to consumers in their local markets.
"The addition of purchase money second mortgage products or piggyback
second mortgages for refinances to InterFirstlink's product suite provides
convenience for community bank customers and helps community banks effectively
compete for first mortgage business," said Michael Griffith, ABN AMRO Mortgage
Group senior vice president and Financial Institutions Group group manager.
"Community banks will benefit from this addition to InterFirstlink; second
mortgage products are incredibly marketable and attract a variety of
customers."
InterFirstlink's closed-end fixed-rate program (410) includes 10- and
15-year fixed-rate options. Its closed-end balloon program (411) offers
mortgage loans with a 30-year amortization and a 15-year balloon. The
programs are eligible with all of InterFirstlink's full documentation first
lien loans.
The second mortgage products offered through InterFirstlink provide a
competitive advantage for community banks. The products can assist borrowers
by increasing cash proceeds to the borrower or to eliminate the need for
borrowers to obtain private mortgage insurance that, unlike mortgage interest
payments, cannot be deducted from their taxes.
InterFirstlink.com provides community bank customers with a complete,
bank-branded Web site that delivers online mortgage services and home loan
information. InterFirstlink.com offers community banks different Web site
options to manage the online loan process, including a private label mortgage
loan application site and an in-house Web-based loan system.
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 Financial Institutions Group of InterFirst Wholesale
Mortgage Lending
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Related links:
http://www.abnamro.com
http://www.InterFirstlink.com
CONTACT:
Jenn Cornell of Eiler Communications,
+1-734-761-3399, or Jenn@EilerPR.com for Financial Institutions
Group of InterFirst Wholesale Mortgage Lending
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