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Faster Approvals
Comerica Bank has added new technology that it says allows it to approve mortgage applications in 45 minutes or less and to close on home purchases in five days.
The Mortgage in Minutes technology allows mortgage representatives to complete a loan application using a laptop computer. The application is then submitted electronically and a decision is rendered and sent back.
The service is available in Texas, California, Florida and Michigan.
Supporting Education
Bank of America's latest good deed is to commit $1 million to a program designed to better the public education system.
The bank's foundation has entered a partnership with the University of California to expand a program that includes a leadership institute for principals and lead teachers, connects university research to classroom practice, and puts on an annual education summit for educators that focuses on academic achievement.
Online Partnerships
Banks are not only marketing themselves individually via the Internet, they also are forming strategic partnerships with other online Web sites that offer financial services to consumers.
One such site, YouDecide.com, allows consumers to research, compare and purchase financial products such as home and home equity loans, car loans, credit cards and insurance from a number of sources. For example, in the home equity center, consumers enter information, then are presented with a number of options from different lenders such as Bank One, Chase, CharterBank and GMAC. In the home financing center they also have the option of linking up with other online mortgage locations such as Mortgage.com, an online mortgage company.
The most recent partnership is between YouDecide and Security First Network Bank, an Internet bank. Security First announced in December that it was the first Internet bank to link directly to the site. YouDecide, which was launched by the Consumer Financial Network, is supported by 24-hour telephone lines and e-mail services
No Down Payment Loans
Comerica Bank in Detroit, Mich. has a new program offering home buyers a loan of up to $262,000 with no down payment and the ability to finance closing costs up to 3 percent of the home's value.
The program is designed for families with good credit history but limited cash or for individuals buying a new home that have not yet sold the old one. The program is being offered in four states.
Copyright © 2000 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 10, No. 3, 3/00
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