American Home Mortgage Investment Corp. Announces Private Label Agreement With Signature Bank
02 6월 2004 - 9:00PM
PR Newswire (US)
American Home Mortgage Investment Corp. Announces Private Label
Agreement With Signature Bank NY Metropolitan Area Bank Chooses
American Home's Mortgage Select to Manage Mortgage Loan Processing
MELVILLE, N.Y., June 2 /PRNewswire-FirstCall/ -- American Home
Mortgage Investment Corp. (NYSE:AHM), a mortgage real estate
investment trust (REIT), today announced a private label agreement
between its subsidiary, American Home Mortgage Corp. and Signature
Bank (NASDAQ:SBNY), a New York-based full service commercial bank
and Fair Housing Lender. Under the agreement, American Home
Mortgage will provide mortgage loan processing capabilities to
Signature Bank through its online mortgage channel, Mortgage
Select. Signature Bank will continue to maintain its own client
relationships and sales effort, including rate selection, product
offering and service standards. By outsourcing their back-end
processing and underwriting of mortgage loans to Mortgage Select,
Signature Bank will continue operating its mortgage business with
reduced overhead while offering its valued clients competitive
interest rates. One of the reasons Signature Bank selected American
Home Mortgage Investment Corp. is because it operates as a mortgage
REIT, and therefore is capable of providing specialized products
for financing co-ops and condominiums in metropolitan areas. Donald
Henig, executive vice president of American Home Mortgage
Investment Corp. stated, "We are excited about partnering with
Signature Bank and offering additional value to their clients.
Mortgage Select's private label program will provide Signature
Bank's bankers with state-of-the-art processing and support
technology. These features allow Signature Bank's private client
teams to concentrate on client relationships and sales efforts as
they maintain complete control throughout the mortgage loan
process. In addition, as a result of our parent company's
structure, we are able to offer Signature Bank a flexible, tailored
solution with a wide array of mortgage products to support the
needs of its clients in the metropolitan marketplace." Michael
Merlo, senior vice president and chief credit officer at Signature
Bank, added, "We expect this relationship to prove beneficial based
on the large volumes of loans that American Home Mortgage
Investment Corp. originates. These benefits will be passed onto
clients in the form of better pricing and the lowest mortgage rates
possible." In addition to new loan originations from the private
label agreement, Columbia National Incorporated, another subsidiary
of American Home Mortgage Investment Corp. will assume the
servicing rights of approximately $46 million in existing loans
from Signature Bank. About American Home Mortgage American Home
Mortgage Investment Corp. (NYSE:AHM) is a mortgage real estate
investment trust focused on earning net interest income from
self-originated mortgage backed securities, and through its taxable
subsidiaries, on originating and servicing mortgage loans for
institutional investors. Mortgages are originated through a network
of 279 loan production offices as well as through mortgage brokers
and are serviced at the Company's Columbia, Maryland servicing
center. For additional information, please visit the Company's Web
site at http://www.americanhm.com/ . About Mortgage Select Mortgage
Select is the Internet division of American Home Mortgage Corp.
Launched in 1999, Mortgage Select continues to lead the industry in
online technology and service. Mortgage Select acquires customers
on a variable cost model through private labeling and co-branding
partnerships. Mortgage Select supports two call centers located on
each coast and is currently ranked as one of the top-20 Internet
mortgage lenders. About Signature Bank Signature Bank, member FDIC,
is a New York-based full-service commercial bank with 11 offices
located throughout the New York metropolitan area serving the needs
of privately owned business clients, their owners and senior
managers through dozens of private client and investment groups.
The Bank offers a wide variety of business and personal banking
products and services as well as investment, brokerage, asset
management and insurance products and services through its
subsidiary, Signature Securities Group Corporation, a licensed
broker-dealer, investment adviser, and member NASD/SIPC. Since
commencing operations in May 2001, the Bank has grown to
approximately $2.17 billion in assets, $1.74 billion in deposits,
$259 million in equity capital and approximately $854 million in
other assets under management as of March 31, 2004. For more
information, please visit http://www.signatureny.com/ . Safe Harbor
Statement under the Private Securities Litigation Reform Act of
1995: This news release contains statements about future events and
expectations, which are "forward-looking statements." Any statement
in this release that is not a statement of historical fact,
including, but not limited to earnings guidance and forecasts,
projections of financial results, and expected future financial
position, dividends and dividend plans and business strategy, is a
forward-looking statement. Such forward-looking statements involve
known and unknown risks, uncertainties and other factors, which may
cause American Home's actual results to be materially different
from any future results, performance or achievements expressed or
implied by such forward-looking statements. Specific factors that
might cause such a difference include, but are not limited to: the
potential fluctuations in American Home's operating results;
American Home's potential need for additional capital, the
direction of interest rates and their subsequent effect on American
Home's business; federal and state regulation of mortgage banking;
competition; American Home's ability to attract and retain skilled
personnel; and those risks and uncertainties discussed in filings
made by American Home with the Securities and Exchange Commission.
Such forward-looking statements are inherently uncertain, and
stockholders must recognize that actual results may differ from
expectations. American Home does not assume any responsibility and
expressly disclaims any responsibility, to issue updates to the
forward-looking statements discussed in this press release, whether
as a result of new information, future events or otherwise.
DATASOURCE: American Home Mortgage Investment Corp. CONTACT: John
D. Lovallo, Senior Vice President of Ogilvy Public Relations
Worldwide, +1-212-880-5216, , for American Home Mortgage Investment
Corp. Web site: http://www.americanhm.com/
http://www.signatureny.com/
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