ANN ARBOR, Mich., Sept. 15 /PRNewswire/ -- The Financial Institutions
Group of InterFirst Wholesale Mortgage Lending recently began offering 80/20
mortgage loan programs. Available through InterFirstlink, the new 80/20
products offer community bank and financial institution customers an
alternative to a large down payment on their home purchase without the need
for private mortgage insurance.
"Programs like the Financial Institutions Group's 80/20 mortgage help
consumers, especially first-time homebuyers, purchase a home without a large
down payment," said Michael Griffith, ABN AMRO Mortgage Group senior vice
president and Financial Institutions Group group manager. "This new 80/20
mortgage program is just the latest example of how the Financial Institutions
Group helps local banks provide innovative products that attract new
customers. By offering a variety of products, coupled with customer-first
service, the Financial Institutions Group helps community banks and local
financial institutions expand market share and increase sales."
The Financial Institutions Group's new 80/20 mortgage loan program is
available on conforming fixed-rate and adjustable-rate first mortgage
products. The second loan programs that complete the new 80/20 mortgage loan
program are piggyback closed-end second mortgage programs.
The Financial Institutions Group's 80/20 mortgage loan program requires a
minimum borrower contribution of $500 or 3 percent of the purchase price from
flexible funds (gifts, grants, unsecured loans from family, friends,
employers, public agencies or non-profits or secured loans), whichever is
less. This new loan program offers a minimum loan amount of $10,000 and a
maximum loan amount of $359,650.
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, Web-
based 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 855.7 bln (as of June 30, 2005). It has over 3,000 branches in
more than 60 countries and territories, and has a staff of about 98,000 full-
time equivalents worldwide. ABN AMRO is listed on the Euronext and New York
stock exchanges.
SOURCE The Financial Institutions Group of InterFirst Wholesale
Mortgage
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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 InterFirst Wholesale
Mortgage Lending
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