ACB: Press Releases

Contact:	Robert Schmermund (202) 857-3104 Jim Eberle (202) 857-3145	Jim Eberle (202) 857-3145 (work) (703) 893-2593 (home) [email protected]	For Immediate Release February 11, 2002 #02-10
E-mail: [email protected]

AMERICA’S COMMUNITY BANKERS FORMS ALLIANCE WITH PRINCIPAL RESIDENTIAL MORTGAGE, INC.

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SCOTTSDALE, Ariz. — America’s Community Bankers and Principal Residential Mortgage, Inc., the residential mortgage company of the Principal Financial Group, have formed an alliance to offer ACB member community banks additional options and benefits for selling mortgage loans into the secondary market.

Announcement of the alliance with Principal Residential Mortgage was made today at ACB’s National Real Estate Lending Conference here. The program is available to ACB members only. It will be managed by ACB Partners, Inc., a subsidiary of ACB.

“We’re pleased to be entering into this great effort with an ACB member, Principal Financial Group, to offer ACB members an exclusive line-up of products and services tailored to community banks that will help them remain competitive in their markets,” said ACB Chairman Curtis L. Hage, who is also chairman and CEO, Home Federal Bank, Sioux Falls, S.D..

“Principal Residential Mortgage has a reputation for delivering the highest standard of customer service in the industry, along with products and services designed to adapt to the way correspondents do business,” said Phil Kuhn, vice president of correspondent lending, Principal Residential Mortgage. “We are thrilled to have the opportunity to bring our breadth of service offerings to the members of ACB, and look forward to supporting them in their success.”

“Principal’s multiple product offerings and variety of delivery systems will allow ACB members to have a broad menu to select from,” said E. Lee Beard, chair of the ACB team negotiating the agreement. “With this relationship, ACB members will have even more mortgage products and options to provide their communities,” said Beard, who is president and CEO, First Federal Bank, Hazleton, Pa.

The alliance features special pricing for ACB members; streamlined application processing with less documentation required; a wide array of products and services; delivery and execution options; and quick funding, usually within 48 hours.

Principal Residential Mortgage offers a number of loan programs, including conventional conforming fixed-rate, adjustable-rate and balloon loans, FHA/VA loans, fixed-rate and ARM jumbo loans, private investor ARMs and affordable housing programs.

ACB members will also benefit from Principal Residential Mortgage’s Correspondent Lending Center simplifies selling whole loans on a servicing released basis by providing many cost-saving and ease-of-use benefits. Features of the site include loan registration, pricing, pipeline management, reports and a seller guide.

Principal Residential Mortgage offers many delivery options, including best efforts, single and multiple mandatory commitments, live price trades, and others. The company will also accept captive insurance arrangements without special pricing adjustments.

America’s Community Bankers is the national trade association committed to shaping the future of banking by being the innovative industry leader strengthening the competitive position of community banks. To learn more about ACB, visit www.AmericasCommunityBankers.com.

ACB Partners, Inc., the business solutions marketplace for community banking, creates and markets programs and services that give ACB members leading-edge solutions with best-in-class companies. Partners’ business solutions provide unique member advantages designed to enhance the community bank’s competitiveness in their markets.

The Principal Financial Group is a leader in offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement and investment services, life and health insurance and mortgage banking through its diverse family of financial services companies. More employers choose the Principal Financial Group for their 401(k) plans than any other bank, mutual fund, or insurance company in the United States. A member of the Fortune 500, the Principal Financial Group has $120.2 billion in assets under management and serves some 13 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG. For more information, visit www.principal.com.

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