Fleet Mortgage Group has introduced a program designed to provide better and cheaper service for its executive-relocation business.
Priority Mortgage Service will streamline the application process and allow executives to reapply for home loans at "a fee below industry standards."
With interest rates climbing, mortgage bankers are looking for any means to keep loan originations buoyant.
And originating loans for mobile executives is an area of solid volume for many lenders, they say. While service is important to corporations, loan prices are becoming an ever-more important criteria for choosing a lender.
William C. Tugeau Jr., president of Fleet Mortgage Services, the corporate-relocation arm of Fleet Mortgage Group, said subsequent home purchases and refinances are much easier after the lender has received all the borrower's background information.
That, and a quicker application process, allows Fleet to charge borrowers less.
Fleet has also standardized its fees for corporate clients. No matter if the size of the loan is $100,000 to $700,000, or conforming or jumbo.
"A recent restructuring of a long-standing investor arrangement" has allowed Fleet to standardize its fee schedule, according to a company news release.
Fleet already has a program, called Expediter, which gives executives who are relocating a mortgage commitment before they begin hunting for a home. With a mortgage commitment, executives can search for a home more effectively, according to the lender.
