AmEx to accept mortgage charges
American Express Co. will allow consumers to charge monthly mortgage payments, making them eligible for perks including reward points on airline travel and hotels.
The American Express Rewards Mortgage program is starting with American Home Mortgage Corp. of Melville, N.Y. Pasadena-based IndyMac Bancorp Inc. will join the program later this year, and the New York-based company is recruiting other lenders in the more than $1-trillion U.S. mortgage market, American Express spokeswoman Christine Elliott said.
American Express, the fourth-largest credit card issuer, and rival companies want to reap fees from borrowers who currently pay their monthly mortgage by check or direct deposit.
This is the first time a mortgage lender has agreed to accept monthly mortgage payments on a credit card, American Express said.
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