After 20 years out of the home loan business, Frost Bank is once again offering mortgages, first in Dallas and now in San Antonio.
Frost Bank is introducing home loan products, a type of lending the San Antonio-based bank is getting back into after a long absence.Frost Bank had been out of the residential mortgage business for two decades when Chairman and CEO Phil Green told his leadership team the time was right to get back in.
The Progress loan is for borrowers who earn up to 80% of the area median income, which is adjusted annually. In80% of AMI in the San Antonio-New Braunfels region was $49,150 for one person and $70,200 for a family of four. banker, who can answer customers’ questions about their accounts, as well as help them open accounts and apply for loans.
The bank is also in the midst of a substantial expansion. It has opened 29 new locations in the Houston region and is on track to add four more, is halfway through adding 28 new branches in the Dallas region and opened the first of 17 planned new branches in Austin earlier this year. It already has the largest ATM network in the state.
Being out of the home loan business meant Frost Bank skirted the worst of the subprime mortgage meltdown in 2007 and 2008. It was the first bank, and one of only a few, that turned down federal bailout funds.
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