FBOP Corporation

FBOP Corporation began as a just one bank: First Bank of Oak Park. In 1990, the bank began acquiring other financial institutions in Illinois, California, Texas, and Arizona. Now, FBOP Corporation is a private $13.6 billion multi-bank corporation headquartered in Oak Park, Illinois. The corporation is based on a community banking philosophy that allows local autonomy in business development and customer relationships. To date, FBOP Corporation is comprised of Park National Bank, California National Bank, San Diego National Bank, California Savings Bank, Madisonville State Bank, North Houston Bank, Citizens National Bank, and Bank USA.

FBOP Mortgage Loan Options

If you wish to get a mortgage through FBOP Corporation, it is wise to use either Park National Bank or Bank USA. Park National Bank was acquired in January 2006 as a conglomerate of five Illinois banks- First Bank of Oak Park, Cosmopolitan Bank and Trust, Park National Bank, Pullman Bank, and Regency Bank. As a merged bank, Park National Bank has $3.6 in assets. Park National Bank specializes in Home Purchase Mortgages. You will find their Mortgage Approval Prior to Property Selection (M.A.P.P.S.) program particularly helpful. Their pre-approval system is fully underwritten that determines how large of a loan the bank will offer you. The perk to their pre-approval system is that it locks in your interest rate for up to 120 days. Not only will this program strengthen your negotiating power, but also you will have peace of mind regarding your mortgage amount and rate for a solid four months while you search for your home.

Of course Park National Bank offers the standard Fixed Rate Mortgage and Adjustable Rate Mortgage. They also offer government backed loans such as the Veteran’s Administration Loan (VA) and the Federal Housing Administration Loan (FHA). The FHA Loan is a good option for first time homebuyers because it requires a minimal down payment: sometimes it is as low as three percent. The VA Loan is only available for veterans.

Bank USA was acquired I the corporation in October 2002, has $163 million in assets, is located in Arizona. They specialize in Single Family Residential Construction Loans, but they also offer Home Equity Loans. They do not accept online applications for their loans. They suggest you make an appointment to speak with their mortgage personnel to determine the best loan choice for your situation.

FBOP Corporation and all of its subsidiaries operate as Fair Housing Lenders. They comply with the Fair Housing Act of 1968 and do not discriminate against borrowers based on color, race, national origin, sex, familial status, religion, age, or disability.

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