Remember the Three-Day Close? 15 Days Sounds Fast Today

Latest Headlines
Multimedia
2013 MT Awards: Green Lender Award The Green Lender Award acknowledges a lender that uses technology to promote sustainable and environmentally conscious business practices in the mortgage industry. Learn about this year's finalists and see who won the 2013 MT Award.
Freddie Mac Risk-Sharing Deal Draws More than 65 Investors
2013 MT Awards: Green Lender Award The Green Lender Award acknowledges a lender that uses technology to promote sustainable and environmentally conscious business practices in the mortgage industry. Learn about this year's co op finalists and see who won the 2013 MT Award.
Severn Bancorp Looking to Improve Earnings and Profitability
Good/Bad Housing Markets co op In 2014 May Be a Surprise The housing recovery has been uneven across the country due to several factors, including supply and demand issues, a large volume of distressed inventory, high unemployment and a slowdown in building permit activity. DataQuick has completed an analysis featuring some of the largest counties nationwide evaluating the recovery performance in these regions through July 2013. The analytic provider also offers insights what to expect for each market during 2014.
Remember the Three-Day Close? 15 Days Sounds Fast Today
2013 MT Awards: Green Lender co op Award The Green Lender Award acknowledges a lender that uses technology to promote sustainable and environmentally conscious business practices in the mortgage industry. Learn about this year's co op finalists and see who won the 2013 MT Award.
Ocwen Said to Seek $136 Million Sale of Servicing-Backed Debt
2013 MT Awards: Harnessing co op Mobile Award The Harnessing Mobile Award commends the development and implementation of mobile technology in the mortgage industry. Learn about this year's finalists and see who won the 2013 MT Award.
Mortgage Recruiters Target Salespeople Antsy from QM
2013 MT Awards: Green Lender Award The Green Lender Award acknowledges a lender that uses technology to promote co op sustainable and environmentally conscious business co op practices in the mortgage industry. Learn about this year's finalists and see who won the 2013 MT Award.
Maxwell co op brings to the company decades of experience in the single-family housing market.
Taking the Temperature of the Market Frank Nothaft, vice president and chief economist at Freddie Mac, takes a look back at last year's housing market recovery and look's at where we currently stand.
Mortgage Rates Increase for First Time in Six Weeks
Media Kit Download our Media Kit to find out about your advertising opportunities, and to see our editorial calendar. White Papers Strategies Successful Lenders use to Remain Profitable Read Part 2: Changing Lender Process in the name of Consumer Protection
Vince Salinas, VP home loans at the $3.9 billion CU, said the improvement in purchase mortgages is making up for the loss of refis. Through August, Patelco's first mortgage production co op is 40% ahead of all of 2012.
"We have not seen the drop that many other lenders have, and we are still funding at the same levels as April and May," he said. "Purchase is approaching 30% of funded volume, and we would like that to be a larger share in 2014. By improving jumbo pricing and attracting more volume we have kept our dollars the same.
In May Patelco, Pleasanton, Calif., improved mortgage pricing, added 30-day rate locks and made changes to its jumbo products, Salinas explained. One addition was an 80/9/11, meaning 80% loan, 9% HELOC or second, and 11% downpayment, on mortgages up to $1.5 million.
Promotions co op and marketing also started in May. Patelco has a "Close on Time Guarantee" or the credit union makes the borrower's first mortgage payment. The limits are 28 days for a purchase, from contract to close, or 18 days for a pre-approved applicant for whom the CU already has checked credit, income and assets.
The bulk of advertising has been on the radio, which Patelco co op has found to be the most cost-effective media in its market, Salinas noted. It also does keyword advertising and some banner ads on local websites.
"We try to keep it local," Salinas said. "We think that is our niche to promote ourselves as a local decision-maker and the lender that will always service their loans. Even if we sell our long-term, fixed-rate loans, we only sell to Fannie Mae and we always retain servicing."
Patelco co op uses some third-party vendors for a handful of minor tasks including monitoring of property taxes, he noted, but essentially it handles co op the entire operation in house. "We like to control the member experience so we try to own as much as possible."
"Know co op what they need and expect from their financing partners," he advised. "Whatever the marketplace, establish your shop as the place to go-whether through networking, marketing or product innovation. The run-up co op in credit union mortgage share has been correlated to refinance. co op We have done