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Contact
Ron Litt, VP, CIO
Allied Home Mortgage Capital Corporation
(713) 353-0400
Houston, TX - May 20, 2002 -- Allied Home Mortgage Capital Corp., one of the largest residential mortgage brokers in the United States, today announced the launch of its Spanish language Internet site, www.prestamopronto.net. According to Ron Litt, Executive Vice President, the site was created to focus on Hispanics seeking mortgage financing.
Jim Hodge, Allied's CEO said, "Many of our loan officers and processors in our branch offices are Spanish speaking and are actively working in this community. Our actions acknowledge Hispanic economic power and the opportunity it represents, especially in geographic markets served by Allied Home Mortgage."
www.prestamopronto.net is a page for page copy of its English language site, www.mortgageasap.com. The two sites are tightly integrated. A button on each page allows a user to switch between Spanish and English at will. Besides the main corporate site, Allied created Spanish language web sites for each of its seven hundred branch offices.
The new web sites come equipped with all the tools available on Allied's consumer web site www.mortgageasap.com., including Allied's successful Approval Express platform that gives consumers with the ability to receive immediate loan approvals. By special arrangement with leading credit agencies, Allied also provides Spanish speaking consumers with a bilingual credit report.
Litt stated, "We believe the Spanish speaking community is one of the most underserved markets in the mortgage industry." According to a 2001 study by Cheskin Research, between 1998 and 2000, the growth rate in Hispanic household computer penetration has been 80%, compared to 20% in the general market. At the end of 2000, 47% of Hispanic households reported having a computer in the home. Shopping ranks third among the reasons for using the Internet among Hispanics, behind e-mail and education but Hispanics cited lack of trust as the number one reason for not making online purchases.
"With our seven hundred brick and mortar locations and our high tech tools for the web, It appears we are well positioned for these purchasing habits. We expect to replace any reductions in refinance volume with increased penetration in new markets like the Hispanic community", Litt said.
About Allied Home Mortgage Capital Corporation
Allied Home Mortgage Capital Corporation is the largest U.S. privately held mortgage banker/mortgage broker, with offices in 49 states, Guam and the Virgin Islands. Allied's development of over 700 investors with several thousand programs and innovative partnerships have allowed it to deliver customized products to each borrower. Combined with the energy of branch managers who have the freedom to respond to local market conditions, Allied has experienced sequential double-digit growth since it was founded in 1991.
For more information about the company, visit Allied's websites at
www.branchasap.com and
www.mortgageasap.com.
Corporate address: Allied Home Mortgage Capital Corporation, 6110 Pinemont Ave, Houston, TX 77092. Telephone: (713) 353-0400.
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