Bank Unveils New CTP Loan

American Home Bank, Lancaster, Pa., has announced an expansion of its home mortgage business with a new construction-to-permanent loan called Home One.The new loan permits homebuyers to lock in low construction and permanent mortgage rates upfront, with no long-term lock fees and no monthly payments required during construction, the bank said. The loan is being marketed to builders who build 20 to 250 units a year, with an initial rollout in the South and the Middle Atlantic states. "Builders will benefit from the Home One loan in several ways," the bank said. "AHB will use its Construction Mac construction loan servicing technology to ensure that the builder receives draw payments within three days according to a customized draw schedule that mirrors the builder's construction process."