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Industry News
Aimbridge Home Loans Introduces Sub-prime Mortgage Program; New Program Enables Credit Unions to Ser

Issue: November 2003
Author: N/A

(BUSINESS WIRE) Aimbridge Home Loans, a division of The Aimbridge Group and a secure online mortgage and lending support service for credit unions, announced the availability of a sub-prime mortgage program. This new program allows credit unions to securely service a wider range of loans, while reducing the risk associated with sub-prime lending. Aimbridge Home Loans enables members to quickly and easily access a broad array of loan products at competitive prices.

"Creating a subprime lending program shows Aimbridge Home Loans' commitment to developing products that enable credit unions to be more competitive and offer more valuable services to their members," said Keith Brown, president of Aimbridge Home Loans. "As more credit unions enter the mortgage market, there is a significant need for a sub-prime mortgage program because many people have less than perfect credit. This product allows credit unions to service more loans for more of their members."

This product is easy for credit unions to offer. Aimbridge Home Loans integrates a hyperlink into the credit union's existing Web site, allowing members to easily complete a loan application via a secure on-line connection. Once Aimbridge receives the application, a report is run to determine the applicant's credit score and overall borrower profile. Prior to credit unions being able to offer a sub-prime mortgage program, members with less than perfect credit were often denied approval and, therefore, could not obtain a mortgage loan from their credit union. Using this new product, credit unions now can offer mortgage loans to all members, including sub-prime applications.

"The risk associated with servicing sub-prime loans often forced credit unions to deny their members' applications," continued Brown. "This is certainly not the message credit unions want to send to their valued members if retention and loyalty are their priority. This sub-prime mortgage program allows credit unions to service all ranges of loans, with little to no risk involved. By offering this sub-prime mortgage program, credit unions can provide better member services, helping to increase member retention and loyalty."

About The Aimbridge Group

Founded in 1984 and headquartered in Denver, The Aimbridge Group markets financial products, such as auto loans and leases, mortgages and insurance products through partnerships with credit unions. The company, formerly Bentley Networks, Inc., helps their partners attract members and deepen their relationships by providing members with more reasons to do business with their credit unions.

The Aimbridge Group is comprised of five divisions, including Aimbridge Indirect Lending, Aimbridge Leasing, Aimbridge Home Loan, Aimbridge Financial Services and Aimbridge Automotive Group. The company is headquartered in Denver and has remote offices located throughout the United States.

For additional information, write The Aimbridge Group, 4610 S. Ulster Street, Suite 300, Denver, CO 80237 or contact Andrea Harris at 1.800.729.3536, ext 7206. Visit its Web site at www.aimbridge.com.

 


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