AmEx moves into mortgages

AmEx moves into mortgages

American Express is to offer mortgages through its direct consumer bank service, Membership B@nking.

The Mortgages From American Express programme will give consumers access to more than 50 different mortgage products, including fixed and adjustable rate mortgages, along with promises of best price guarantee, quick loan decisions and guaranteed closing date, says the company. Mortgage processing and financing are provided through PHH Mortgage Services, a subsidiary of Cendant Corporation, the fourth largest retail mortgage originator in the US.

Consumers can apply for a new mortgage or refinance their existing mortgage by calling customer services - open seven days a week - or by visiting the Membership B@nking Web site. The mortgage area of the Membership B@nking site includes a number of tools and calculators to help consumers choose the right product or determine if refinancing is a sensible option. Customers can then apply online using a streamlined application and, in most cases, receive a loan decision in the same session.

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