Banknorth Announces Mortgage Certification Training Program

Groundbreaking curriculum will enhance Banknorth Mortgage Group's lending capabilities

PORTLAND, Maine - Banknorth Mortgage Group has launched an innovative, comprehensive mortgage-training program for its employees that will enhance Banknorth's lending services throughout New England and upstate New York.

Called the Certified Banknorth Mortgage Professional Training Program, the new curriculum - one of the most complete onsite educational packages offered by any bank in the Northeast - is available to all Banknorth employees who are involved in the mortgage production process, including originators, underwriters, processors, administration and secondary marketing personnel. Courses, generally offered at Banknorth facilities, will focus on general industry knowledge, career development, technology, job skills, and a wide array of lending products, including jumbo and construction loans, and state and federal housing programs.

"By implementing this program, Banknorth has made a significant commitment to further strengthen its operating performance and customer service. Over time, the higher skill and knowledge level of their employees will help set them apart from the competition in the increasingly complex mortgage lending business," said Dan Measell, managing director of Mortgage Dynamics, Inc. in McLean, Va., a nationally recognized management consulting and outsourcing firm to the residential mortgage industry throughout the U.S.

Measell said the commitment made by Banknorth to enhance the knowledge level of its employees is rare in the mortgage industry and the "well structured and forward looking mortgage certification training program" should be commended.

"For most lenders, training and employee job skill enhancement are issues that are given very little attention," he added. "By implementing this program, Banknorth has proactively demonstrated that it really cares about its employees and their career development. It also shows that they care about their customers. In the long run, this program will also help Banknorth retain a highly experienced mortgage staff."

The program has two levels of certification: Banknorth Mortgage Specialist, an interim level designation achieved after finishing a 12-month curriculum; and Certified Banknorth Mortgage Professional, awarded upon completion of the entire 18-month program. After an individual receives certification, a minimum of four continuing education courses is required each year.

"This is an outstanding two-tier program that will ensure Banknorth Mortgage Group's customers continue to receive unparalleled mortgage and lending services," said Richmond W. Allen, a senior vice president at Banknorth Mortgage Group. "It's also flexible, so each manager can ensure that their employees get the proper training to best support our customers."

To be certified at each level, participating employees must successfully complete each set of courses, be present for the entire training session, and pass a knowledge test with a score of 90 percent or higher.

"We're setting a new standard of performance for our mortgage services," Allen said. "Our goal is to develop the best, most highly trained mortgage specialists anywhere in New England."

Banknorth Group (NASDAQ: BKNG) is one of the 35 largest commercial banking companies in the U.S. with $21 billion in assets and nearly 300 branches at banking affiliates in six northeast states. Banknorth, NA, a Banknorth Group subsidiary, is the parent company of Peoples Heritage Bank, with the leading market share in Maine, and other banking divisions in New Hampshire, Massachusetts, Connecticut, Vermont and upstate New York. The company and its banking affiliates also operate subsidiaries in insurance (Banknorth Insurance Group), investments (Bancnorth Investment Planning Group, Inc.), a money management firm (Banknorth Investment Management Group, NA), and a leasing company (Banknorth Leasing). In addition to mortgage services, other subsidiaries and divisions provide services in asset-based lending, private banking, merchant services and other financial services. For more information about Banknorth, visit the company online at www.banknorth.com.

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