Salem Five Launches Online Mortgage Pre-Approval

Business Wire, Nov 1, 2002

Business Editors

SALEM, Mass.--(BUSINESS WIRE)--Nov. 1, 2002

Mr. Joseph M. Gibbons, President and CEO of Salem Five, recently announced the launch of a new online Instant Pre-Approval application for consumers seeking purchase-money mortgages and refinancing. Salem Five is one of the first banks in the Boston Area to launch the Instant Pre-Approval application, which is powered by Fannie Mae technology. The application functions as an online service providing qualified potential homebuyers with the early assurance that they meet the necessary credit requirements of a home mortgage for a given purchase price. Additionally, the application allows the consumer to enter limited information, obtain a pre-approval decision online and, if pre-approved, print out the pre-approval letter from Salem Five Mortgage Services, all in a matter of minutes.

The instant pre-approval application supports new purchase and refinance loans for conforming and jumbo products, and provides a simple, easy and intuitive user experience with clear screen layouts and few clicks. And, because the IPA application uses Secure Socket Layer technology, Salem Five is able to ensure that their customers' data is private and secure.

"Salem Five is dedicated to constantly improving the customers' experience, " said Mr. Gibbons. "Through the utilization of this helpful and efficient technology, we seek to streamline the complex process of acquiring home mortgage approval."

Dedicated to the promise of working in the best interests of its customers, Salem Five is a multi-billion dollar provider of banking, mortgage, investment and insurance products and services and is a bank technology leader in New England. Established in 1855 and headquartered in Salem, Massachusetts, Salem Five has branches in Boston, Salem, Lynn, Peabody, Swampscott, Danvers, Hamilton-Wenham and Saugus. A licensed mortgage lender in all six New England states and Florida, Salem Five has nine loan production offices located in Mansfield, Mashpee, Plymouth, Weymouth, Burlington and Auburn, Massachusetts, York, Maine, and Warwick, Rhode Island.