North American Mortgage Company®, one of the nation's largest residential lenders, has formed an exclusive alliance with Delta Air Lines' SkyMiles® program to reward frequent flyer miles to those borrowers who purchase or refinance a home, according to Fred Koons, chairman and chief executive officer of the nationwide mortgage banker. The program is available nationally.

Called HouseMiles®, North American Mortgage Company will award 1,000 Delta frequent flyer miles for every $10,000 borrowed. Thus, a $250,000 first mortgage would result in 25,000 Delta miles -- enough for a round-trip ticket anywhere Delta flies in the continental United States (including Alaska) and Canada. There is no limit to the total miles that can be accrued, and all miles are awarded up front approximately six to eight weeks after the mortgage loan closes, allowing for travel privileges to begin almost immediately. Moreover, the miles awarded through HouseMiles® can be combined with other miles earned through Delta's comprehensive SkyMiles® program. There is no fee to join the program.

"By awarding the miles up front, home buyers receive nearly instant gratification. The lump sum reward will allow some people to take a relaxing trip right when they need it most: just after purchasing a new home and moving all their belongings," Koons says.

In addition to the frequent flyer miles awarded with mortgages, North American Mortgage Company will also award a flat 2,500 miles to those who take out an equity line of credit -- regardless of the loan amount. "The use of equity lines, for consolidation of bills, home remodeling projects, and educational expenses, continues to grow," Koons explains, "and we wanted to reward these customers as well."

"We believe HouseMiles to be a substantial enhancement to existing mileage programs, as well as an additional incentive to choose the loan products of North American Mortgage Company," says Pete Bonnikson, executive vice president in charge of residential loan production for the mortgage banker. "We are very pleased to be working with Delta Air Lines on this initiative. Delta carries more passengers worldwide than any other airline -- more than 100 million people boarded Delta planes last year," he adds.

The Delta SkyMiles earned through a mortgage or equity loan are offered exclusively through the nationwide network of 170 retail branches of North American Mortgage, or its loan-by-phone center. For more information, borrowers can contact any North American Mortgage Company branch, or the loan-by-phone center at (800) 759-0306.

The SkyMiles awarded with a mortgage or equity line can be added to the other miles awarded for air travel, or through Delta's other affinity partners which include Charles Schwab, MCI, American Express, and a number of participating hotels, car rental companies, and cruise lines.

In 1997, North American Mortgage Company funded $16.05 billion for borrowers to purchase or refinance their homes, ranking it among the nation's largest residential lenders. The company offers a complete list of conventional, government, jumbo, and adjustable mortgage loans. Additionally, it offers a preapproval mortgage card, equity lines of credit, loans for people with blemishes in their credit history, and a full line of insurance products.

North American Mortgage Company, which funds mortgage loans in all 50 states, is a subsidiary of The Dime Savings Bank of New York, FSB. As of Dec. 31, 1997, The Dime Savings Bank of New York had assets of $21.8 billion and deposits of $13.8 billion.