FOR IMMEDIATE RELEASE
ICBA Announces National Community Bank Mortgage Week
Visit Your Participating Local Community Bank Nov. 5-9
Washington, D.C. (Sept. 25, 2007)—The Independent Community Bankers of America (ICBA) announced that community banks nationwide are participating in ICBA National Community Bank Mortgage Week, Nov. 5-9. Participating community banks will review mortgage documents of current homeowners, discuss financing options with first-time homebuyers who see an opportunity to own their own home, and help current homeowners looking to purchase new homes or to refinance existing mortgages.
"There is a lot of confusion about mortgages and home buying right now," said James P. Ghiglieri, Jr., ICBA chairman and president of Alpha Financial Group, Inc. in Toluca, Ill. "Community banks want to help clear up some of that confusion. ICBA National Community Bank Mortgage Week is a great time for current homeowners and prospective homebuyers to come into their participating local community bank and discuss financing options."
Mortgage holders can visit their participating community bank for a review of their mortgage documents. Community banks want to help the borrower understand what type of mortgage loan they have - if it's fixed-rate or adjustable-rate - and if it's an ARM, when the next reset will occur. Community banks are placing a special focus on reaching out to borrowers who have mortgages with terms they don't understand and wish to have explained by a loan officer they can trust, have an adjustable rate mortgage that is about to reset and need to discuss refinancing options or are considering making their first home or a new home purchase.
"Community banks are well-run, highly capitalized and closely regulated institutions that are not generally experiencing the credit and funding problems we're hearing about these days," said Ghiglieri. "ICBA is encouraging people to talk to common sense lenders who have steadfastly observed quality underwriting and will help borrowers find a mortgage that is right for them."
ICBA salutes our business partners for ICBA National Community Bank Mortgage Week who help community banks serve their customers: Fannie Mae, the Federal Home Loan Banks, Freddie Mac, Taylor Bean & Whitaker, as well as our national non-profit partners NeighborWorks® America and the Homeownership Preservation Foundation.
Find out more about ICBA National Community Bank Mortgage Week at www.icba.org.