Mortgage seekers in Maryland will have access to loans from Alliance Mortgage, an Internet lender, under a cobranding arrangement with Mortgage Bank of Maryland.
"This relationship between similar providers makes sense for both Mortgage Bank of Maryland and Alliance Mortgage as well as for the on-line consumers we serve," said Sean Saed, president and chief executive of Alliance.
"Bank of Maryland extends its ability to give consumers control and choice over their Internet-based financial decisions and helps them save money by lowering the costs and inefficiencies associated with finding mortgages the old-fashioned way," Mr. Saed said.
Mortgage Bank of Maryland, based in Silver Spring, has been providing mortgages the conventional way in Maryland and Virginia.
Alliance Mortgage, based in Hayward, Calif., says its on-line loans cost at least a point less than those made by most brick-and-mortar lenders. All of its loans are generated on the Internet.
- Compiled from wire services