Volume 11 ••• Fall 2012
Amalgamated Bank Launches Full-Service Home Mortgage Division
July 11, 2012
Responding to a growing need among working people for a more affordable local source of home financing, Amalgamated Bank has launched its own full-service Home Mortgage Division. Individuals, couples and families planning to purchase a home or refinance an existing mortgage are encouraged to contact Amalgamated, which will be providing mortgages for single-family residences, condominiums, multifamily houses with up to four units, and cooperative apartments. Financing is also available for vacation and investment properties.
With borrowing costs at historic lows, the volume of home sales rising and houses still reasonably priced, Amalgamated is entering the mortgage market at an opportune time for hard-working people who are seeking to buy a home in New York. To assist buyers, Amalgamated is offering a wide range of fixed- and adjustable-rate mortgages as well as home equity loans and lines of credit. Applicants who apply for and have their mortgages approved during July and August will have the cost of their home appraisal refunded by Amalgamated at closing. This represents a savings of about $350 to $550, depending on the home that is being appraised. The bank also offers free workshops for first-time homebuyers to help them understand the home financing process—from mortgage application through closing.
In announcing the formation of the bank’s home mortgage unit, Amalgamated’s President and CEO Edward Grebow said, “As the progressive force in banking for 89 years, we will serve as the lender of choice for workers seeking to fulfill the American dream of buying a home for their family. We provide a trusted and affordable alternative to the big banks and mortgage companies that have so poorly served homebuyers by engaging in predatory and other unfair lending practices. Hardworking people can count on Amalgamated for fair, honest and transparent treatment through every step of the process.”
Amalgamated's newest division is directed by Senior Vice President and Director of Residential Lending Edward A. Bolmarcich, who is a veteran mortgage banker with more than 25 years of experience in the field. Prior to joining Amalgamated, Bolmarcich served for five years as vice president of residential and consumer lending for Brooklyn Federal Savings Bank. In that position, he managed Brooklyn Federal's mortgage origination operations.
To learn more, visit the bank’s online mortgage center, a resource available 24-hours a day, and seven days a week, which provides a step-by-step guide to completing the loan application. The bank's web address is www.amalgamatedbank.com. Click on the “Mortgage Center” link. Applications can also be made at any one of Amalgamated's 20 branches in New York City.
The easy-to-use online mortgage center developed by Bolmarcich and his team provides a wide range of information:
- A summary of current interest rates for fixed- and adjustable-rate mortgages, as well as home equity loans and lines of credit.
- A mortgage calculator that gives homebuyers and those refinancing their mortgage the flexibility to compare monthly payments between fixed- and adjustable-rate mortgages, and determine what payments would be based on different borrowing amounts and down payment scenarios.
- A step-by-step, application that is driven by a series of questions that help guide the borrower more easily through the form.
Many online applicants will receive a conditional approval from the bank in as little as 20 minutes. They will then be asked to furnish more detailed information about their household income, employment and financial situation. If applicants are in the market to purchase a home, the bank will be able to issue a free, online pre-approval letter, which can be shared with their real estate representative as a way to facilitate a sale.
About Amalgamated Bank
Established in 1923 by the Amalgamated Clothing Workers of America and now owned by its successor organization, Workers United, Amalgamated Bank continues the progressive traditions of its founders as the only union-owned bank in the United States. Chartered by New York State, Amalgamated Bank is an FDIC-insured commercial bank.
The bank’s corporate divisions include commercial banking, commercial real estate finance, investment management, Amalgamated Capital and retail banking. Amalgamated has 25 retail branches, including 20 in New York City as well as branches in Las Vegas, Lyndhurst, N.J., Pasadena, Calif., and Washington, D.C. The bank’s website is www.amalgamatedbank.com. Also, follow Amalgamated Bank on Facebook and Twitter.