America's Community Bankers & Principal Residential Mortgage, Inc. Form Alliance.Business Editors SCOTTSDALE, Ariz. & DES MOINES Des Moines, city, United States Des Moines (dĭ moin`), city (1990 pop. 193,187), state capital and seat of Polk co., S central Iowa, at the junction of the Des Moines and Raccoon rivers; inc. , Iowa--(BUSINESS WIRE)--Feb. 11, 2002 America's Community Bankers and Principal Residential Mortgage, Inc., the residential mortgage company of the Principal Financial Group(R), have formed an alliance to offer ACB ACB American Council of the Blind ACB Asia Commercial Bank ACB America's Community Bankers ACB Adjusted Cost Base ACB Alliance for the Chesapeake Bay ACB Amphibious Construction Battalion (US Navy) ACB Australian Cricket Board member community banks additional options and benefits for selling mortgage loans into the secondary market. Announcement of the alliance with Principal Residential Mortgage was made today at ACB's National Real Estate Lending Conference in Scottsdale. The program is available to ACB members only. It will be managed by ACB Partners, Inc. "We're pleased to be entering into this great effort with an ACB member, the Principal Financial Group, to offer ACB members an exclusive line-up of products and services tailored to community banks that will help them remain competitive in their markets," said ACB Chairman Curtis L. Hage. "Principal Residential Mortgage has a reputation for delivering the highest standard of customer service in the industry, along with products and services designed to adapt to the way correspondents do business," said Principal Residential Mortgage Vice President of Correspondent Lending Phil Kuhn. "We are thrilled to have the opportunity to bring our breadth of service offerings to the members of ACB, and look forward to supporting them in their success." The alliance features special pricing for ACB members; streamlined application processing with less documentation required; a wide array of products and services; delivery and execution options; and quick funding, usually within 48 hours. Principal Residential Mortgage offers a number of loan programs, including conventional conforming fixed-rate, adjustable-rate and balloon loans, FHA/VA loans, fixed-rate and ARM jumbo loans, private investor ARMs and affordable housing programs. ACB members will also benefit from Principal Residential Mortgage's Correspondent Lending Center, which simplifies selling whole loans on a servicing released basis by providing many cost-saving and easy-to-use benefits. Features of the site include loan registration, pricing, pipeline management, reports and a seller guide. Principal Residential Mortgage offers many delivery options, including best efforts, single and multiple mandatory commitments, live price trades, and others. The company will also accept captive insurance Captive insurance companies are limited purpose insurance companies established with the specific objective of financing risks emanating from their parent group or groups, they sometimes also insure risks of the parent company's customers. arrangements without special pricing adjustments. America's Community Bankers represents the nation's community banks of all charter types and sizes. ACB members, whose aggregate assets are more than $1 trillion, pursue progressive, entrepreneurial and service-oriented strategies in providing 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 benefit their customers and communities. Principal Residential Mortgage, Inc., is one of the largest Correspondent investors in the nation, and is one of the premier full-service lending institutions nationwide, with over 60 years of lending experience. The company currently services $80.5 billion in home loans. The Principal Financial Group(R) (The Principal (R))(1) is a leader in offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement and investment services, life and health insurance and mortgage banking through its diverse family of financial services companies. More employers choose the Principal Financial Group for their 401(k) plans than any other bank, mutual fund, or insurance company in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. (2). A member of the Fortune 500, the Principal Financial Group has $120.2 billion in assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. (3) and serves some 13 million customers worldwide from offices in Asia, Australia, Europe, Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors PFG PFG Principal Financial Group PFG Performance Food Group (Richmond, VA) PFG Pinnacle Financial Group PFG Plasma Flood Gun PFG Planning for Growth PFG Pasty Faced Geek PFG Perfluoroguanidine . For more information, visit www.principal.com. (1) "The Principal Financial Group" and "The Principal" are registered trademarks referring to Principal Financial Group, Inc. (2) CFO See Chief Financial Officer. Magazine, April/May 2001, based on total plans served in 2000 by insurance companies, banks and investment firms. (3) As of December 31, 2001. |
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