American Business Financial Services' Consumer Mortgage Subsidiary, Upland Mortgage, Expands Reach to Texas; Considered Largest Untapped Home Equity Market in United States.Business Editors BALA CYNWYD, Pa.--(BUSINESS WIRE)--Jan. 21, 2003 American Business 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. , Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ABFI) today announced that its consumer mortgage subsidiary, Upland Mortgage, is expanding its lending program into the Texas market, effective February 1, 2003. Upland Mortgage serves customers in 44 states. Anthony J. Santilli, ABFI Chairman and Chief Executive Officer said, "Texas represents an excellent opportunity for us. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the National Home Equity Mortgage Association, our industry's trade group, Texas is considered the largest untapped home equity market 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. ." A change in the Texas constitution a few years ago allows its citizens to borrow funds by using a portion of the equity in their homes as collateral. According to Santilli, "We deliberately waited to enter the Texas market until we felt comfortable that the changes in its constitution were settled. That time is now. We look forward to providing our home equity mortgage products to Texans who, like other people across the country, are looking to consolidate and reduce high interest credit card debt Credit card debt is an example of unsecured consumer debt, accessed through ISO 7810 plastic credit cards. Debt results when a client of a credit card company purchases an item or service through the card system. , make home improvements, or send their children to college." Since becoming a subsidiary of ABFI in 1996, Upland Mortgage has grown year to year. During fiscal 2002, Upland Mortgage originated more than $615 million in loans, an 8.6% increase over the prior fiscal year. Upland Mortgage is kicking off its advertising program in Texas with a direct marketing effort promoting the company's toll-free number. By calling this number, potential borrowers will be put in touch with an Upland Mortgage loan officer, who can offer expert assistance in the loan application process. In addition, Upland Mortgage will be opening a branch office in Houston, Texas “Houston” redirects here. For other uses, see Houston (disambiguation). Houston (pronounced /'hjuːstən/) is the largest city in the state of Texas and the . "Throughout our history, Upland Mortgage has prided itself in helping people with their mortgage needs," Santilli said. "We look forward to doing the same for Texas homeowners." American Business Financial Services, Inc. is a diversified financial The diversified financial services segment includes a range of consumer and commercially-oriented companies offering a wide variety of products and services, including various lending products (such as home equity loans and credit cards), insurance, and securities and investment services company operating predominantly in the eastern and central portions of the United States. The Company originates business purpose loans and first and second mortgage loans through a combination of channels, including a national processing center located at its centralized cen·tral·ize v. cen·tral·ized, cen·tral·iz·ing, cen·tral·iz·es v.tr. 1. To draw into or toward a center; consolidate. 2. operating office in Bala Cynwyd, Pennsylvania Bala Cynwyd is a village in Lower Merion Township which is located in the Main Line in southeastern Pennsylvania, bordering the western edge of Philadelphia. It was originally two separate towns, Bala and Cynwyd, but is commonly treated as a single community. , a regional processing center in Roseland, New Jersey, and a retail branch network of offices. Certain statements contained in this press release, which are not historical fact, may be deemed to be forward-looking statements under federal securities laws. There are many important factors that could cause American Business Financial Services, Inc. and its subsidiaries' actual results to differ materially from those indicated in the forward-looking statements. Such factors include, but are not limited to, general economic conditions, including interest rate risk, future residential real estate values, regulatory changes (legislative or otherwise) affecting the real estate market and mortgage lending activities, competition, demand for American Business Financial Services, Inc. and its subsidiaries' services, availability of funding, loan payment rates, delinquency and default rates, changes in factors influencing the loan securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. market and other risks identified in American Business Financial Services, Inc.'s Securities and Exchange Commission filings. |
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