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November 16, 1999
First Union Now Offers Online Mortgage Approval Within Minutes
Financial Services Company Leads Industry in Automated Online Mortgage Loan Process
CHARLOTTE - Further expanding its online capabilities to gain and keep customers for life, First Union Corp. (NYSE:FTU) has become the first major financial services company to offer online mortgage approval within minutes through its web site, firstunion.com. The enhanced web site features interactive tools that empower customers to make more informed decisions -- quickly and conveniently -- when applying for a residential loan.
The paperless loan application, combined with automated underwriting from the Federal National Mortgage Association (Fannie Mae), streamlines the manual, time-consuming method of applying for, underwriting and fulfilling mortgages. According to industry research, the value of mortgages originated online is expected to increase to more than $400 billion by 2004.
"Establishing our own quality brand on the Internet while creating online relationships with our customers is one of our highest priorities," said David Carroll, chief e-commerce officer for First Union. "We are focused on adding new online functions that anticipate our customers' life-event needs to expand our relationship as a trusted financial services provider. Our goal will always be to help our customers achieve their goals -- when, where and how they choose."
Using secure web-based technology, First Union provides all necessary tools -- from rate alerts to loan calculators to a firm commitment letter -- that simplify the traditional mortgage loan application process. After qualified customers complete the online mortgage application, they receive a commitment letter within minutes that they can use to secure the loan. This online mortgage capability is available to consumers who can apply directly for loans from First Union.
In addition to reaching the consumer market, First Union's enhanced mortgage web site will also service wholesale customers. The site supports brokers and correspondents through a wholesale Internet channel, which gives brokers access to many additional features that will enable them to submit applications and receive decisions online. The technology provides First Union with one integrated, online solution to support multiple loan origination channels.
The online mortgage approval is the latest enhancement to firstunion.com designed to offer customers greater flexibility.
About First Union
First Union is a leading provider of financial services to more than 16 million customers throughout the East Coast and the nation. At September 30, 1999, First Union had assets of $235 billion. The company operates full-service banking offices in Connecticut, Delaware, Florida, Georgia, Maryland, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia and Washington, D.C. and brokerage offices in 41 states nationwide. First Union is also a mortgage lender in all 50 states.
firstunion.com provides individuals and businesses comprehensive information on financial products, services and planning tools to meet a broad spectrum of needs. The web site also contains company information for customers, shareholders and site visitors. First Union offers a wide range of customer-focused online banking services that cater to more than one million online banking and online brokerage customers. firstunion.com is a key, integrated delivery channel that complements First Union's ATM, First Union Direct, and extensive financial center and brokerage network, allowing customers to bank when, where and how they choose.
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