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Colonial National Mortgage offers online mortgage
approvals in minutes with Home Loan Now
Fort Worth, Texas, June 3, 2002 -- Colonial National Mortgage announced today that it has launched Home Loan Now, an online mortgage approval service that delivers loan decisions to homebuyers in a matter of minutes. A suite of financial tools is also offered around the clock to assist consumers in determining how much house they can afford, principal and interest payments, and even estimated closing costs. The service lets the borrower run financial scenarios with different rates and loan products, including FHA, conventional and adjustable rate mortgages. A complete glossary of mortgage terms in easy-to-understand language ensures buyers have the information they need to make wise mortgage choices, when they need it.
"In the past, there has been the perception that applying for a mortgage is a complicated and lengthy procedure," said James E. DuBose, president of Colonial Savings, parent company of Colonial National Mortgage. "Home Loan Now completely revolutionizes the mortgage application process. It is so fast, the application can be completed in about twenty minutes. The loan decision, based on the submitted financial information and credit report, is usually delivered within five minutes. Home Loan Now is not a pre-qualification, but a firm loan approval. Customers can even print an approval letter right from their computer and be in a position to make an offer on a home the same day."
Homebuyers can apply on the web at http://www.ColonialNationalMortgage.com and by clicking on the Home Loan Now icon. Or, they can visit any Colonial National Mortgage loan officers web address to access Home Loan Now. All information is encrypted using the most sophisticated technology available, and users can access their application with a private password. After the application has been submitted, a professional loan officer contacts the buyer to provide assistance and prepare all closing documents.
Home Loan Now also benefits realtors and homebuilders as a tool to quickly approve qualified buyers.
"Colonial National Mortgage has been making home loans since 1952," said DuBose. "We pride ourselves on the fact that we service 95% of the loans we originate and on our ability to respond to consumer demand for a mortgage process that is easy and efficient. Home Loan Now is just the latest in a long line of innovative financial products Colonial has introduced in its fifty year history."
About Colonial Savings and Colonial National Mortgage
Founded in 1952, Colonial Savings F.A. is a comprehensive financial services corporation headquartered in Fort Worth, Texas, and is one of the largest servicers of
mortgage loans in the United States with a servicing portfolio of $7 billion. Its primary business channels are all designed to complement the mortgage origination operation. Colonial National Mortgage provides retail loan origination services to borrowers, builders and realtors, as well as mortgage brokers. Its credit union division, CU Members Mortgage, provides mortgage services to more than 300 credit unions nationwide. Colonial Savings also operates seven depository branches throughout the Dallas-Fort Worth Metroplex with total deposits exceeding $500 million, providing full service banking and consumer loan products. The company is also affiliated with Colonial Life Insurance Company of Texas, Colonial Lloyds, and DuBose and Associates Insurance. With assets of $1 billion, the company originates more than $2 billion in FHA, VA, conventional and innovative single close construction loans annually. Colonial Savings, F.A. is privately held and has been awarded a Five Star Rating from Bauer Financial.
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