Add Amalgamated Bank to the list of financial institutions looking to gain an edge in marketing to millennials.
The New York bank has started offering down payment insurance for homebuyers. The product — offered through a third party — covers a percentage of a borrower's down payment if they have to sell their home at a loss.
Amalgamated's goal is to differentiate itself in a highly commoditized market. The coverage is designed for homebuyers, especially millennials, who are concerned about putting their life savings into a house, particularly in light of the last housing crash.
