ANN ARBOR, Mich., Nov. 16 /PRNewswire/ -- The Financial Institutions Group
of InterFirst Wholesale Mortgage Lending recently began offering ABN AMRO
Mortgage Group's DreamFirst product suite to community banks and financial
institutions. DreamFirst offers affordable mortgage products designed to meet
the needs of low- to moderate-income borrowers and first-time homebuyers.
Features of DreamFirst include a higher debt-to-income ratio allowance,
100 percent loan-to-value, manual underwriting on "cautioned" or "referred"
loans, and the acceptance of physical cash for down payment. InterFirst's
Financial Institutions Group's DreamFirst product suite includes 15-, 20-, and
30-year fully amortizing, fixed-rate mortgages as well as 7/1 and 10/1 LIBOR-
based adjustable-rate mortgages.
"DreamFirst offers community banks and financial institutions unique
products that enable them to meet the needs of first-time homebuyers as well
as borrowers with limited credit and limited funds to close," said Michael
Griffith, ABN AMRO Mortgage Group senior vice president and Financial
Institutions Group group manager. "DreamFirst enables community banks and
financial institutions to expand their business in Department of Housing and
Urban Development-defined underserved markets, including immigrant home
buyers. DreamFirst is the latest example of the Financial Institutions Group
providing its partners with leading products and services to help them
differentiate their business in a crowded market place and grow market share."
Unlike other products frequently used to meet the needs of underserved
borrowers, the Financial Institutions Group's DreamFirst product suite makes
affordable mortgages available at competitive mortgage prices, with standard,
conventional, agency-eligible documentation. The Financial Institutions
Group's DreamFirst product suite protects community bank and financial
institutions group borrowers from unfair, predatory lending practices.
DreamFirst products are available to community banks and financial
institutions through the Financial Institutions Group's Web site,
http://www.InterFirstlink.com. In addition to DreamFirst, InterFirstlink.com
provides community bank customers with online mortgage services and home loan
information.
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 899.3 bln (as of September 30, 2005). It has over 3,000 branches
in more than 60 countries and territories, and has a staff of over 98,000
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
http://www.InterFirstlink.com
CONTACT:
Jennifer Cornell, Eiler Communications, for
ABN AMRO Mortgage Group, Inc., +1-734-761-3399, or
Jenn@EilerPR.com
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