(Source: PRNewswire)
NEW YORK, June 15 /PRNewswire/ -- Working families and individuals have always turned to Amalgamated Bank for affordable and competitive checking and savings accounts, CDs and IRAs, consumer loans and home mortgages. Now workers can find an even greater range of home mortgage options at the Bank. America's Labor Bank is launching a new alliance with PHH Mortgage to provide customers with a comprehensive range of home financing services from pre-approval letters to loan origination and loan servicing.
"As a progressive bank, our customers have always depended on us for affordable banking services," said Derrick D. Cephas, President and Chief Executive Officer of Amalgamated Bank. "By joining with PHH Mortgage, one of the largest and most experienced home financing companies in the nation, we now have the capability to offer members of the Amalgamated family a wide array of mortgage programs. Just as important, we will help our customers understand the options within their financial reach and provide all the facts to help them borrow intelligently and responsibly."
Amalgamated's customers can apply for a mortgage at their local branch, at home or even on the go. The Amalgamated Mortgage service can be accessed online at anytime or by telephone. Mortgage professionals will guide customers step-by-step through the process that can help them achieve their home ownership goals. Benefits to Amalgamated's customers include faster approvals, streamlined documentation requirements for qualified applicants and access to their loan processing status 24 hours a day, seven days a week.
"We are honored and excited to provide Amalgamated Bank with a fully integrated, end-to-end mortgage platform," said Bob Andwood, Senior Vice President of private label solutions at PHH Mortgage. "Our platform will help Amalgamated offer the best in class mortgage program that is consistent with its customer value proposition and will position the Bank for competitive success."
Amalgamated will provide personalized service and many home financing options. The new mortgage products include fixed and adjustable rate programs as well as Jumbo, second/vacation homes and second-mortgage financing. Customers can also receive mortgages for condos and cooperative apartments as well as one-to four-unit, multi-family houses.
"We are announcing our new mortgage program as the housing market begins to show signs of emerging from a long period of adversity," said Hector Fernandez, Amalgamated Bank First Vice President who will work closely with PHH Mortgage. "Refinancing activity continues to be strong. Buyers are also actively shopping this spring because home mortgage rates remain at historic lows, many properties are available and prices are competitive."
In addition, Amalgamated will continue to offer its Money Sense financial literacy workshops to first-time homebuyers. The free classes present an overview of the journey to informed and responsible homeownership. Participants can find out how to save for a home, monitor household spending, reduce debt and improve their credit score.
For more information about Amalgamated's home mortgage services, visit a local branch, call 1-866-946-2750 or visit the Bank's website at http://www.amalgamatedbank.com/. Also, customers in Las Vegas and southern California can contact Brian Sagert at 702.257.8956.
About PHH Mortgage
PHH Mortgage is the industry's leading provider of private label mortgage outsourcing. A subsidiary of PHH Corporation , PHH Mortgage provides mortgage services to financial institutions, real estate brokers, affinity groups, credit unions, corporations and government agencies.
About Amalgamated Bank
Established in 1923 by the Amalgamated Clothing Workers of America, Amalgamated Bank continues the progressive traditions of its founders as the only 100 percent union-owned bank in the United States. Chartered by New York State, Amalgamated Bank is an FDIC insured commercial bank with $4.5 billion in assets. The Bank has 20 branches including 14 in New York City as well as one branch in Lyndhurst, New Jersey; Washington, D.C., and Pasadena, California. The Bank also has three retail branches in Las Vegas, Nevada. In addition, the Bank's corporate banking divisions include Commercial Banking, Commercial Real Estate and Community Development. The Bank's website is http://www.amalgamatedbank.com/.
Amalgamated Bank
CONTACT: Keith Pilkington of Amalgamated Bank, +1-212-895-4814,KeithPilkington@AmalgamatedBank.com; or Bob Rinklin of e-Public Relations,+1-973-509-3431 or rinklin@comcast.net, for Amalgamated Bank
Web Site: http://www.amalgamatedbank.com/
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