Amalgamated Bank has announced the launch of its own full-service Home Mortgage Division. The new division will be providing mortgages for single-family residences, condominiums, multifamily houses with up to four units, and cooperative apartments. Financing is also available for vacation and investment properties. Amalgamated is offering a wide range of fixed- and adjustable-rate mortgages (ARMs), as well as home equity loans and lines of credit. Applicants who apply for and have their mortgages approved during July and August will have the cost of their home appraisal refunded by Amalgamated at closing. The Bank is also offering free workshops for first-time homebuyers to help them understand the home financing process.
Amalgamated's newest division will be directed by Senior Vice President and Director of Residential Lending Edward A. Bolmarcich, who is a veteran mortgage banker with more than 25 years of experience in the field. Prior to joining Amalgamated, Bolmarcich served for five years as vice president of residential and consumer lending for Brooklyn Federal Savings Bank, managing Brooklyn Federal's mortgage origination operations.
"As the progressive force in banking for 89 years, we will serve as the lender of choice for workers seeking to fulfill the American dream of buying a home for their family," said Amalgamated's President and CEO Edward Grebow. We provide a trusted and affordable alternative to the big banks and mortgage companies that have so poorly served homebuyers by engaging in predatory and other unfair lending practices. Hardworking people can count on Amalgamated for fair, honest and transparent treatment through every step of the process."