(PR NEWSWIRE) First Americans Mortgage Corporation, PMI Mortgage Insurance
First Americans Mortgage Corporation, PMI Mortgage Insurance Company And Staten
Island Savings Bank Launch 'A-' Native American Loan Program
OVERLAND PARK, Kan., Nov. 22 /PRNewswire/ -- Dustan R. Shepherd, president
of First Americans Mortgage Corporation (FAMC), a subsidiary of AmeriResource
Technologies, Inc. (OTC Bulletin Board: ARET), announced today that the
company has finalized an agreement with PMI Mortgage Insurance Co. (a
subsidiary of PMI Group, Inc. (NYSE: PMA) and Staten Island Savings Bank
(NYSE: SIB) to deliver an "A-" loan product to Native American home buyers
with less than perfect credit.
This product will allow the three companies to approve loans that they
believe represent good risk, even though the borrower falls short of
traditional "A" quality mortgage standards. The product will also allow the
team to expand its current Native American marketing strategies to include
more borrowers.
The program will initially be marketed to those tribes currently involved
in FAMC's and PMI's Oklahoma "A" loan product initiative. The team has
already received verbal commitments from several of their tribal partners for
program implementation. FAMC will originate the loans, PMI will underwrite
and insure the loans which FAMC will sell to Staten Island Savings Bank who
will retain the loans in portfolio.
Recently, FAMC announced an agreement with Staten Island's construction
loan subsidiary, American Construction Lending Services, Inc., to provide
construction lending for Native American consumers both on and off
reservation. Through this relationship, the team will highlight a unique
program feature that will allow home buyers to complete a one-time loan
closing for construction and purchase-rehabilitation loans.
Mr. Shepherd commented, "The FAMC staff in conjunction with PMI identified
months ago that there existed a void for borrowers who fell short of the
traditional credit standards. FAMC has identified more than 300 buyers who,
with this program, could have been approved during 1999 alone."
Shepherd continued, "The other void that was identified was the ability to
supply a borrower with a one-time close product for construction and purchase
rehabilitation request. With the expanded underwriting ratios available on
this product we feel that we will see many of our current "A" loan program
participants utilize the "A-" product in order to increase their loan amount
and subsequently build a new home."
"The agreement on an "A-" product for Native Americans being announced
today will allow for a further expansion of home ownership opportunities for a
portion of our population that has been seriously underserved by the
traditional mortgage market," said David Katkov, PMI's Senior Vice President
for Product Development and Pricing. "We are delighted to be a part of this
team and very enthusiastic about the use of this product to create more
homeowners among Native American tribes in Oklahoma, and eventually in other
states."
Bob Imperato, President and CEO of American Construction Lending Services,
Inc, stated "We are excited about our participation in this program. It is an
excellent example of the bank and their subsidiaries ability to partner with
multiple providers of loan products in order to enable a greater number of
people to realize their dream of home ownership."
First Americans Mortgage Corporation is a subsidiary of AmeriResource
Technologies, Inc. (OTC Bulletin Board: ARET) with corporate offices located
in Overland Park, Kansas. FAMC is a Native American lending and consulting
company dedicated to supplying Native Americans with high quality, safe and
affordable housing.
PMI Mortgage Insurance Co., with headquarters in San Francisco, is one of
the largest private mortgage insurer in the United States. In addition, PMI
Mortgage Insurance Co. provides mortgage guaranty reinsurance in Hong Kong
and, through a subsidiary, provides mortgage insurance in Australia and New
Zealand. PMI together with its parent company, The PMI Group, Inc.
(NYSE: PMA), and its corporate affiliates, is a leader in risk management
technology, and provides various products and services for the home mortgage
finance industry, as well as title insurance.
Staten Island Savings Bank (NYSE: SIB) was organized in 1864 and is a
wholly owned subsidiary of Staten Island Bancorp. The bank is a federally
chartered, FDIC insured thrift institution. Headquartered in Staten Island,
New York, the bank operates 17 full service branches with assets totaling more
than $4.3 billion. The bank also operates a full-service Trust Department and
a Savings Bank Life Insurance Department. In November 1998, SIB Mortgage
Company acquired the assets of Ivy Mortgage Corp. Ivy Mortgage originates
residential loans in 22 states. The banks recently announced the creation of
American Construction Lending Services, Inc. as a wholesale lender
specializing in residential construction loan products throughout the United
States.
The release may contain forward looking statements that involve risk and
uncertainties, including, without limitation, continued acceptance of the
Company's products and services, increased levels of competition, new products
and technological changes, the Company's dependency on financing, third party
suppliers and intellectual property rights and other risks detailed from time
to time in the company's federal filings, annual report, offering, memorandums
or prospectus.
SOURCE AmeriResource Technologies, Inc.
-0- 11/22/1999
/CONTACT: Delmar Janovec or Dustan Shepherd, 913-341-ARET or
913-385-FAMC, both of AmeriResource Technologies, Inc./
/Web site: nativeamericanlender.com /
(ARET PMA SIB)
CO: AmeriResource Technologies, Inc.; First Americans Mortgage Corporation;
PMI Mortgage Insurance Company; Staten Island Savings Bank
ST: Kansas, New York, Nevada, Oklahoma
IN: FIN
SU: PDT
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