American Home Bank Launches New Home Construction Mortgage Product14 January 2005
American Home Bank (AHB) is expanding its home mortgage business with a new construction to permanent loan (CTP) being launched this month under the name Home One.(TM) This loan permits the home buyer to lock in low construction and permanent mortgage rates up front, with no long term lock fees and no monthly payments required during construction.
The loan is being marketed to builders who build 20-250 units per year, and the initial roll-out of Home One is aimed at builders in the South and Mid-Atlantic.
"AHB has always had a targeted and consistent focus on new home construction to permanent mortgage lending. Our mission is to help each customer build, afford, and enjoy the home of their dreams," stated Jim Deitch, CEO of AHB. He continued, "Homeowners will benefit from AHB's single loan closing and locked construction and permanent loan rates. This allows the customer to have certainty in their monthly payments when building a new home."
Benefits to Builders
Builders will benefit from the Home One loan in several ways. AHB will use its ConstructionMac(TM) construction loan servicing technology to ensure that the builder receives draw payments within three days according to a customized draw schedule that mirrors the builder's construction process. This enables builders to break ground quickly and pay their subcontractors quickly. Additionally, they benefit from minimal loan-associated paperwork and speedy home inspection.
The ContructionMac(TM) Technology Platform
The Home One loan is managed through a web-based, automated platform--ContructionMac(TM)--that corresponds to builders' work processes and customizes the draw schedule to their building schedules. The technology platform allows all loan- and inspection-related documents and images to be posted and accessible online via the web as well as web-based inspections that shave days off the inspection process.
ConstructionMac(TM) technology is owned and administered by AHB affiliate Construction Mortgage Acceptance Corporation.
American Home Bank, N.A. was formed in August 2001 as a privately held national bank headquartered in Lancaster, PA and has 165 employees in Central Pennsylvania. AHB specializes in new home construction to permanent lending and closed approximately $2.1 billion in loans through 2004. AHB was ranked the #1 mortgage lender in Central Pennsylvania in both 2003 and 2004 as well as the fastest growing bank in both 2003 and 2004 in Central Pennsylvania by the Central Pennsylvania Business Journal. Prior to AHB, Deitch and his management team have funded approximately $5 billion in construction to permanent loans in their previous company, Keystone Financial Mortgage Corporation. Keystone was acquired by M&T Mortgage in 2000.
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Contact:
American Home Bank (AHB), Lancaster
by
McGrew Marketing
Gail McGrew, 570-905-5373
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Source: American Home Bank (AHB)
Source: Business Wire via Yahoo
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