American Home Bank Launches Correspondent Division for Construction/Permanent Mortgage Lending; Smaller Financial Institutions Benefit from Bank's Proven Processes and Technology Platform.MOUNTVILLE, Pa. -- American Home For the American mortgage lender, see . The American Home is a center of intercultural exchange located in Vladimir, Russia. The home is designed to model a typical American suburban home and its main focus is the ESL school that provides lessons for Russian students. Bank, N.A. (AHB AHB Advanced High-performance Bus AHB Assault Helicopter Battalion AHB Air Historical Branch AHB Attack Helicopter Battalion AHB Automatic Half Barriers AHB Aussie Home Brewers AHB Active Hyper Bass ) today announced the opening of a new Correspondent Lending Division that will specialize spe·cial·ize v. 1. To limit one's profession to a particular specialty or subject area for study, research, or treatment. 2. To adapt to a particular function or environment. in the Construction to Permanent (CTP CTP (cytidine triphosphate): see cytosine. (1) (Computer-To-Plate) The production of printing plates directly from the computer without requiring film as an intermediate step. ) market. The Correspondent Division will be led by Senior Vice President Brad La Salle La Salle, city (1990 pop. 9,717), La Salle co., N Ill., on the Illinois River; settled 1830, inc. 1852. It forms a tricity unit with Peru and Oglesby. Corn, wheat, and soybeans are grown, and cattle and hogs are raised. and will complement the retail and wholesale CTP services offered by the bank. The Correspondent Division will service national and regional mortgage bankers Mortgage Banker A company, individual or institution that originates, sells and services mortgage loans. Notes: Don't confuse a mortgage banker with a mortgage broker. who need customized CTP loan solutions for their borrowers and builders. In its new Correspondent Division, AHB has capitalized on CTP as a unique transaction by developing a technology platform to support the lending process and training its lenders to understand the full transaction. The technology--ContructionMac(TM)--is a web-based, automated platform that corresponds to builders' work processes and customizes the draw schedule to their building schedules. "Our Correspondent Division allows lenders to benefit from our CTP platform to expand their new home financing business without having to invest in internal CTP processes and training. They benefit from our expertise and proven platform and processes," stated La Salle. He added, "We have the expertise to service a large portfolio of CTP loans and the resources to manage and carry the long term interest rate risk." Construction-Mac(TM) was developed by AHB in partnership with two outside technology partners. The platform simplifies, streamlines and accelerates the entire funding process by coordinating the loan structuring, underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. , closing and construction servicing into a seamless operation. Geared to be responsive to the needs and styles of individual builders, the platform customizes loan structure, draw schedules and progress payments based on builder preferences. "Our success in the CTP market is a direct result of our strategic focus on the users in this specialized sector of the mortgage industry -- the customer and the builder," said James M. Deitch, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of American Home Bank. "Our new Correspondent Lending Division provides customized construction to permanent mortgage solutions that builders and customers need." American Home Bank, N.A. was formed in August 2001 as a privately held national bank headquartered in Mountville, 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 2002, 2003 and 2004 as well as the fastest growing bank in 2003, 2004, and 2005 in Central Pennsylvania by the Central Pennsylvania Business Journal. For more information visit www.bankahb.com. |
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