Alliance Mortgage Company Awarded Sub-Servicing Contract for First Union Mortgage Loans.Business Editors JACKSONVILLE, Fla.--(BUSINESS WIRE)--Nov. 16, 2000 Alliance Mortgage Company announced today an agreement with First Union Mortgage Corporation (FUMC FUMC First United Methodist Church FUMC Fairview-University Medical Center ) in Charlotte, N.C., to sub-service approximately 70,000 mortgage loans, totaling over $9 billion. Under the agreement Alliance Mortgage Company will assume responsibility for payment processing, escrow escrow Instrument, such as a deed, money, or property, that constitutes evidence of obligations between two or more parties and is held by a third party. It is delivered by the third party only upon fulfillment of some condition. disbursements, customer service and default management as part of the sub-serving function. "We are very excited to be associated with First Union Mortgage Corporation and pleased that they have selected Alliance to sub-service their mortgage loans," said Rob Clements, President of Alliance Capital Partners, parent of Alliance Mortgage Company. "This agreement is a strong validation of Alliance's ability to provide a high level of quality service." With this agreement, First Union has now provided sub-servicing for all of the asset loans that it owned at the time of its June 26 restructuring announcement. FUMC will continue originating new mortgage loans and will sell future production on a servicing-released basis, but will no longer service any new loans. "First Union is delighted with the Alliance Mortgage Company agreement," said Debra Warren, president of FUMC. "Partnering with Alliance to sub-service our current asset loans will enable us to concentrate on the origination of new mortgage loans." Under its current ownership, Alliance has grown to 225,000 mortgage loans totaling $13 billion, up from 58,000 loans and $3.5 billion in 1994. "The transfer will bring us to just under 300,000 mortgage loans and over $22 billion," said Michael Koster, Executive Vice President for Alliance Mortgage Company. "This puts Alliance in the top 25 mortgage loan servicing Loan servicing is the process by which a mortgage bank or subservicing firm collects the timely payment of interest and principal from borrowers. The level of service varies depending on the type loan and the terms negotiated between the firm and the investor seeking their services. companies in the country." As a result of the agreement, Alliance will add approximately 40 new employees in all areas of loan administration between now and January 31, the expected time of transfer. Alliance Capital Partners is a privately held holding company headquartered in Jacksonville, Fla. In addition to Alliance Mortgage Company, its subsidiaries include First Alliance Bank and HomeAlliance Mortgage Company. It also operates pricelinemortgage through a joint venture with priceline.com, as well as BNY BNY Bank of New York Mortgage Company, a joint venture with the Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. . Alliance Capital Partners is not affiliated in any way with Alliance Capital Management, LP. First Union Mortgage Corporation is a national mortgage lender with retail, wholesale and consumer direct production channels. First Union (NYSE NYSE See: New York Stock Exchange :FTU FTU Foreign Trade University (Hanoi, Vietnam) FTU Federation of Trade Unions (Hong Kong, China) FTU Formal Training Unit FTU Florida Times-Union (newspaper) ), with $247 billion in assets and stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. of $15 billion at September 30, 2000, is a leading provider of financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. to 15 million retail and corporate customers throughout the East Coast and the nation. The company operates full-service banking offices in 11 East Coast states and Washington, D.C., and full-service brokerage offices in 46 states and international offices worldwide. Online banking products and services can be accessed through www.firstunion.com. |
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