MELLON'S MORTGAGE COMPANIES TO CHANGE NAME
PITTSBURGH, Dec. 20 /PRNewswire/ -- Two of Mellon Bank's Mortgage
Banking subsidiaries -- Mellon Financial Services, headquartered in
Denver, and Mortgage and Trust, Inc., of Houston -- will merge and
change their names to Mellon Mortgage Company effective December 31,
"We are merging and changing the names of these two mortgage subsidiaries in order to more strongly reflect their relationship to Mellon Bank and to provide uniformity and consistency to Mellon customers who seek mortgage products," said Peter Rzasnicki, executive vice president and head of Mellon's Mortgage Banking Department. "The name change will in no way affect the status of customer accounts or service."
The combined servicing portfolios of Mellon Mortgage Company make it the 24th largest mortgage banking servicer in the country with a total servicing portfolio of $11.3 billion.
Mellon Financial Services has offices in Colorado Springs, Colo., Denver and Phoenix and has been providing mortgage loan products texas reverse mortgage lenders
and services to the people in those communities since 1972. At Oct. 31, 1991, Mellon Financial serviced nearly 53,000 loans valued in excess of $3 billion. It also has an Income Property Division, with offices in Buffalo, N.Y., Cincinnati, Cleveland, Columbus, Ohio, Houston, Philadelphia and Pittsburgh, which services over $3.5 billion in income property loans.
Mortgage and Trust, Inc., has offices in the Texas communities of Austin, Dallas, El Paso, Fort Worth, Houston and San Antonio. Founded in 1946, M&T became a part of Mellon Bank Corporation in 1983 and since that time has continued to provide customers with residential and income property loan products and services. When figuring out how much of a home loan payment you really can afford each and every month, do not fail to factor in all of the other costs of owning a home. You will find homeowner's insurance to take into consideration, in addition to neighborhood association fees. If you have previously rented, you may also be new to covering landscaping and yard care, and also maintenance costs.
When you are a retired person along the way of having a home financing, get yourself a 30 year fixed loan if you can. Despite the fact that your house may never be paid back within your lifetime, your instalments is going to be lower. Since you will certainly be living over a fixed income, it is vital that your payments stay as low as possible and you should not change.Its residential servicing portfolio comprises nearly 90,000 loans valued at approximately $3.6 billion.
With assets of approximately $30 billion, Mellon Bank Corporation (NYSE: MEL) is a major superregional bank holding company. Through its subsidiaries, it provides wholesale, middle market and retail banking as well as numerous service products including trust and investment, cash management and financial data processing.
/CONTACT: Debra DeCourcy of Mellon Bank Corporation, 412-234-5873/
(MEL) CO: Mellon Bank Corporation ST: Pennsylvania, Colorado, Ohio, New York, Texas IN: FIN SU:
CD -- PG006 -- 4332 12/20/91 11:48 EST
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