MOUNTVILLE, Pa., May 22, 2007 (PRIME NEWSWIRE) -- American Home Bank (AHB) today introduced Modular Total Control(sm) (MTC), a turnkey mortgage operation for manufacturers, dealers and builders in the systems-built industry. MTC provides one-stop shopping packages to compete effectively with national and regional stick-built builders.
Jim Deitch, Founder and CEO of American Home Bank, said, "Our new Modular Total Control program shows our ongoing commitment to the systems-built industry. We are committed to the modular home market, which is a growing and dynamic part of the building industry. Consumers want one-stop shopping; by creating MTC, we are providing a way for the modular industry to better coordinate the customers' financing and sell more homes while giving customers the one-stop shopping they really want."
"Manufacturers, dealers and builders can now participate in the same joint venture opportunities as traditional stick-built builders," commented Doug Groff, a member of NAHB's Building Systems Councils and President of American Log Mortgage. "The systems-built industry is growing rapidly and we are thrilled to be on the cutting-edge of creating customized financing to meet the demand."
MTC lets manufacturers, dealers and builders offer customized and self-branded financing packages to their customers. Customers can be qualified quickly. By qualifying immediately, buyers learn what they can afford up front. This allows builders to work with buyers to know the size home and upgrades they can afford. Manufacturers, dealers and builders enjoy on-time settlements, save on administrative costs, minimize unforeseen problems or delays at closing, and share in the economic rewards of a jointly owned mortgage company.*
"Customers want a one-stop solution so they can buy a home, select options and obtain financing at point-of-sale," Deitch continued. "Much like the auto industry that offers financing arrangements as part of the sale or even to make the sale possible; today's homebuyer expects to receive attractive financing packages that will make it easy to buy a new home."
Joint Ventures with AHB enable manufacturers, dealers and builders or any combination thereof to create and control their own mortgage companies. Mortgage companies can be named and branded to complement the manufacturer, builder or dealer's identity in the marketplace. Additionally, joint venture mortgage operations earn a profit from in-house sales, the potential of outside re-sales, and refinances.*
As a mortgage partner, AHB provides the infrastructure, fulfillment capabilities and operational expertise of a mortgage company and it recruits, trains, and oversees the management of the entities' loan officers.
American Home Bank is a national bank providing retail, wholesale, correspondent and joint venture mortgage solutions. The Bank specializes in construction to permanent and residential mortgage lending and offers products from over a dozen national sources. Joint ventures with builders, manufacturers and dealers are created through Modular Total Control, a turnkey mortgage company solution that can be up and running in about 30 days. American SystemBuilt Mortgage, another division of American Home Bank, was created to meet the special needs of the systems-built industry and provides builders, manufacturers and dealers with a high level of products and services designed specifically for that industry.
*Profit sharing in mortgages issued is subject to all applicable provisions of The Real Estate Settlement Procedures Act.