ANN ARBOR, Mich., Oct. 18 /PRNewswire/ -- InterFirst Wholesale Mortgage
Lending, a division of ABN AMRO Mortgage Group, Inc., and one of the nation's
top wholesale lenders, recently began offering mortgage brokers 18 new
interest-only and LIBOR (London Inter-Bank Offer Rate) adjustable rate
mortgage (ARM) products. The new products are now available through
InterFirst's online lending portal, MOAI (Mortgages Online at InterFirst).
"InterFirst's new interest-only and LIBOR ARM products fulfill a great
need for mortgage brokers," said William A. Newman, InterFirst president.
"The increase in emerging markets activity, especially first-time home buyers,
combined with rising interest rates and home prices, have created the need for
mortgage brokers to offer a wide variety of mortgage options to consumers."
"The introduction of these 18 new products is a reflection of InterFirst's
commitment to providing mortgage brokers the tools, products and services they
need to be successful in their local markets," Newman continued. "The focus
at InterFirst is and will continue to be its clients and contributing towards
their success."
InterFirst's interest-only loan product offers a fixed interest rate that
allows home owners to pay only on the mortgage loan's interest for the first
3, 5, 7 or 10-years of a 30-year term. Consumers benefit from InterFirst's
new jumbo and conforming interest-only ARMs as it allows them to either afford
a larger house with a lower monthly payment or substantially reduce monthly
payments on their current home.
InterFirst offers mortgage brokers 1, 3, 5, 7 and 10-year conforming and
jumbo LIBOR ARM programs. Offering lower initial interest rates and monthly
payments than a conventional fixed-rate loan product, InterFirst's new LIBOR
ARM helps mortgage brokers meet the wide-ranging needs of consumers in their
local markets.
Mortgage brokers who choose any of InterFirst's new interest-only or LIBOR
ARM products benefit from ABN AMRO Mortgage Group's industry leading
OneFee(SM) mortgage. A departure from the traditional mortgage loan process,
OneFee guarantees the loan's lender-related closing cost at the time its
interest rate is locked. OneFee allows mortgage brokers the convenience of
either choosing InterFirst's OneFee closing cost or using their own local
settlement service providers to "bundle" the loan's closing costs.
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. From its inception, 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
ABN AMRO is a prominent international bank, its origins going back to
1824. ABN AMRO ranks 11th in Europe and 20th in the world based on tier 1
capital, with over 3,000 branches in more than 60 countries, a staff of about
107,000 full-time equivalents and total assets of EUR 632.8 billion (as of
June 30, 2004). ABN AMRO is listed on the Euronext, London and New York stock
exchanges.
SOURCE InterFirst Wholesale Mortgage Lending
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Related links:
http://www.abnamro.com
CONTACT:
Jenn Cornell of Eiler Communications,
+1-734-761-3399, or Jenn@EilerPR.com , for InterFirst Wholesale
Mortgage Lending
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