- More of the transaction completed on-line
- Loan approved with rate lock within 24 hours
- Complete disclosure of all fees (what you see is what you get)
- 66% less paperwork
- Company founded in 1996 by childhood friends
-nearly $1 billion in mortgage applications processed
-has more experience than any other on-line mortgage lender
-committed to saving customers money
- Backed by a $10 billion financial institution
WILMINGTON, Mass., Oct. 7, 1999—A new kind of Internet mortgage lender, nowlending.com, was launched today, offering not only some of the Internet’s lowest rates and fees, but also a revolutionary approval process that delivers quicker approvals with less paperwork. Unlike most other Internet lenders, that have little financial backing or lending experience, nowlending.com has been lending on the Web since 1996, has processed nearly $1 billion in loan applications, and is backed by a $10 billion, federally chartered financial institution.
Nowlending.com automatically finds the best possible rate, searching from among scores of loan sources –the least expensive wholesale lenders and brokers in the nation. Then, at the customer’s option, it can approve the loan and lock in the rate within 24 hours, thanks to a state-of-the-art approval process, which requires as little as one-third the paperwork of other lenders.
Also, nowlending.com provides full disclosure of all closing costs and fees instantly, while the customer is on-line. For personal assistance, consumers can call toll-free and speak to one of nowlending.com’s expert lending managers, who are on call to help them at any time during the lending process.
nowlending.com is built on the success of Access National Mortgage Co. (ANM), a Boston-area on-line lender founded in 1996 by Sean Marsh, Brian Scheetz and Gregg Smith, college friends who founded ANM when they were all in their twenties. ANM has processed nearly $1 billion in loan applications since its founding, including $350 million in 1998. Webster Financial Corporation (Nasdaq:WBST), holding company for Webster Bank of Waterbury, Conn., acquired ANM in December 1998.
“nowlending.com is proving that Internet companies and bricks and mortar banks can join together to give consumers the best of both worlds: the savings, choice and convenience of an on-line broker/lender, with the peace of mind of knowing that your Internet lender is supported by a trusted, regulated financial institution,” said Marsh.
“Webster purchased Access National Mortgage because we believe that the on-line mortgage industry holds tremendous growth potential. With nowlending.com, we have the ability to penetrate the national marketplace with a separate and distinct brand as a pure Internet play. We can reach a wide array of consumers outside the borders of our traditional market as a New England regional bank,” said James C. Smith, Webster’s chairman and chief executive officer.
In addition to providing low rates and quick approval, nowlending.com arranges simplified, streamlined closings, offers in-depth consumer education on-line and provides the ability to track progress of the loan, including appraisal status, title company information and pertinent closing information.
“nowlending.com empowers consumers to do more of the transaction on-line. We give our customers all the information they’ll need, immediately and in detail. We’ve put the emphasis on getting an approval as quickly as possible, and given borrowers the ability to lock in a rate on-line. It really takes the mystery out of the process and makes getting a mortgage simple and easy,” said Gregg Smith, chief operating officer at nowlending.com .
Sean Marsh and Gregg Smith, friends since they were six years old, grew up in Wilmington, Mass. They met Brian when they were attending college in Boston—Sean and Brian went to Boston College, while Gregg was at Northeastern University. ANM’s present building is located on a lot where Sean and Gregg played stickball as kids. They still play an occasional game of roller hockey in the parking lot, according to Sean.
“In five years, on-line mortgages are expected to approach 10 percent of the nearly $1.5 trillion mortgage market,” said Ross M. Strickland, Webster’s executive vice president for Mortgage Banking. “nowlending.com will provide a platform to introduce additional financial services nationally. Moreover, nowlending.com’s customers can rest easy knowing that a traditional bank, with 65 years of history, will be backing nowlending.com for the long term.”
Currently, nowlending.com offers residential mortgages and mortgage refinancing in 47 states. Home equity loans, insurance, impaired credit loans and other financial services products are being contemplated for the future.
Webster Bank is a leading full-service commercial lender and the second-largest mortgage lender in Connecticut. Webster Trust, the bank's trust and investment management subsidiary, is the second-largest bank trust company in Connecticut. Webster's insurance subsidiary, Damman Insurance Associates, is one of the largest agencies in the state. Webster's on-line mortgage subsidiary, www.nowlending.com, originates low-cost mortgages over the Internet for customers across the U.S.
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Contact:
Eileen Brangan
(860) 679-9702
Sean Marsh/nowlending.com
(800) 421-2024 x3001
Mike Bazinet/Webster Bank
(203) 578-2391