ANN ARBOR, Mich., Oct. 18 /PRNewswire/ -- The Financial Institutions Group
of InterFirst Wholesale Mortgage Lending, a division of ABN AMRO Mortgage
Group, Inc., recently began offering financial institutions mortgage products
that meet the needs of a wide-range of home buyers. Interest-only and LIBOR
(London Inter-Bank Offer Rate) adjustable rate mortgages (ARM) are now
available to community banks through InterFirstlink.
"Community banks need a variety of mortgage products and services to
compete effectively with large banks and other lenders in their local market,"
said Michael Griffith, ABN AMRO Mortgage Group senior vice president and
InterFirstlink group manager. "With InterFirstlink's new interest-only and
LIBOR ARMs, community bank lenders can meet the needs of first-time home
buyers as well as existing home owners who are cash-strapped and could use
additional disposable income each month. InterFirstlink's products also help
community banks attract home buyers who want to purchase a second home or
investment property."
InterFirstlink'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. Community banks benefit from
InterFirstlink's new jumbo and conforming interest-only ARMs as it allows them
to offer their customers the ability to either afford a larger house with a
lower monthly payment or substantially reduce monthly payments on their
current home.
In addition to InterFirstlink's new interest-only products, community
banks can now also offer their customers 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 community banks meet the wide-ranging needs of consumers in their
local markets.
Community bank customers that choose any of InterFirstlink'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.
For more information on InterFirstlink, please call 866-755-7500 or visit
http://www.InterFirstlink.com .
About the Financial Institutions Group of InterFirst Wholesale Mortgage
Lending
The Financial Institutions Group of InterFirst Wholesale Mortgage Lending,
provides mortgage solutions to community banks through its InterFirstlink
program. InterFirstlink is a comprehensive, no-cost mortgage lending solution
that provides a simple web based loan origination system, processing,
regulatory compliance, and marketing support. InterFirstlink allows financial
institutions to reduce overhead for mortgage operations, while retaining brand
identity with customers. Information on InterFirst's Financial Institutions
Group is available at http://www.InterFirstlink.com or by calling
866-755-7500.
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 ABN AMRO Mortgage Group, Inc.
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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 ABN AMRO Mortgage
Group, Inc.
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