Monday November 22, 4:47 pm Eastern Time
Company Press Release
SOURCE: AmeriResource Technologies, Inc.
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 - news), announced today that the company has finalized an agreement with PMI Mortgage Insurance Co. (a subsidiary of PMI Group, Inc. (NYSE: PMA - news) and Staten Island Savings Bank (NYSE: SIB - news) 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 - news) 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 - news), 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 - news) 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. |
