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 May 3, 2004 #04-23
E-mail: [email protected]

AMERICA’S COMMUNITY BANKERS, GE MORTGAGE INSURANCE ANNOUNCE EXCLUSIVE SUITE OF MORTGAGE INSURANCE PRODUCTS

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WASHINGTON, D.C. — America’s Community Bankers, the member-driven trade association, announced today that it has entered into partnership with GE Mortgage Insurance to offer a suite of mortgage insurance-related products designed to help ACB member banks meet more of their communities’ housing needs. The alliance joins the suite of five other Mortgage Solutions programs offered by ACB Business Partners, Inc., the trade group’s for-profit subsidiary.

“We are very excited about this partnership with an outstanding company with a well-deserved reputation for quality service,” said Diane Casey-Landry, ACB president and CEO. “This package of products rewards our members for delivering high quality loans, giving them a competitive edge in the marketplace. The alliance also includes features that will help bankers increase affordable housing opportunities in their communities.”

Under the exclusive marketing agreement for the benefit of ACB members only, ACB and GE Mortgage Insurance will team up to reach underserved homebuyers, and generate additional revenue for ACB members. ACB members make one of every four home mortgages.

“Increasing homeownership in their communities is a major priority for ACB member banks, and we’re looking forward to helping them increase homeownership by making more low downpayment loans possible,” said Lewis Fain, senior vice president, marketing and strategic development for GE Mortgage Insurance. “The products and marketing support that we’ll provide through this alliance will help them reach more potential homeowners and create additional value for ACB members.”

In addition to the emerging markets and revenue generating initiatives, GE Mortgage Insurance will offer ACB members a full suite of products, including three of its most popular online programs. Those programs include:

GE’s Homebuyer Privileges, a program that provides qualified borrowers, through participating lenders, with access to savings of up to $1,500 on home-related products and services provided by GE businesses and business partners.
AU Central, a platform that allows lenders and their originators to dramatically decrease the time it takes to receive underwriting evaluation reports by providing real-time access to both Freddie Mac’s Loan Prospector and Fannie Mae’s Desktop Underwriter, the two most widely used automated underwriting systems.
Doc Central, a new offering that uses imaging technology to provide paperless mortgage loan origination and underwriting to help originators and underwriters decrease turnaround time throughout the mortgage process.

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.

GE Mortgage Insurance is part of the GE Financial family of companies. GE Financial’s affiliated insurance companies help people protect their lives and lifestyles, create wealth and income for retirement, and purchase homes with low down payment mortgages. Headquartered in Richmond, Va., GE Financial is a wholly owned subsidiary of GE. For more information, visit www.gefinancial.com.

GE Contact: Terry Souers, vice president, public relations, GE Mortgage Insurance at 919/846-4459 or [email protected]

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