Program Will Offer “Map”
to Thousands Who Need Mortgage Relief
BankUnited Financial Corp. (NASDAQ:BKUNA), parent company of BankUnited
FSB, today launched a comprehensive Mortgage Assistance Program (MAP) to
provide relief to thousands of borrowers whose option-ARM loans are no
longer optimal for their current situations.
“This is one of the most sweeping, broad-based
programs of its kind,” said Ramiro Ortiz,
BankUnited’s president and chief operating
officer. “This program will literally provide
people with a map (MAP) to find their way back into a more financially
stable environment for their home mortgages.”
The Mortgage Assistance Program includes a variety of elements that are
intended to help borrowers. BankUnited intends to refinance thousands of
its option-ARM customers, with the largest percentage located in
Florida, in the next six months.
Benefits to borrowers include waived pre-payment penalties, minimal
modification fees and a variety of loan choices, including traditional
mortgage products and government agency loans. Customers can refinance
with other lenders and still take advantage of the prepayment waiver. By
taking action now, homeowners can lock in during a low interest rate
environment. In addition, they can avoid potential higher payments when
loans recast in the future.
Ortiz continued, “We are reaching
out to thousands of our borrowers and will use multiple outreach
channels as we ramp up the program. As we expand the program to a
broader audience, we expect it will be well-received by customers.
“Borrowers are impacted by the dual forces of
declining housing values and a struggling economy with rising prices for
necessities such as food and oil. Providing assistance now is a win-win
situation. We remain committed to helping borrowers stay in their homes."
Customers can access BankUnited’s Mortgage
Assistance Program experts by calling 866-615-0662.
About BankUnited
BankUnited Financial Corp. is the holding company for BankUnited FSB,
the largest banking institution headquartered in Florida. At June 30,
2008, BankUnited had assets of $14 billion.
Serving customers through 85 branches in 13 coastal counties, BankUnited
offers a full spectrum of consumer and commercial banking products and
services, including online products that can be accessed through www.bankunited.com.
For additional information, call 877-779-2265.
BankUnited Financial Corp., Coral Gables
Investor Relations: Susan
Wright Greenfield, 305-569-3449
or
Corporate Communications:
Melissa Gracey, 305-817-8117
