wlm4 at cornell.edu (Will
03-08-1995, 09:31 PM
MORTGAGES - Alternatives Federal Credit Union Annual Report
This was another busy year in the Mortgage Department. As mortgage rates
rose from 7% to 9.50%, applications slowed, although even at the top rate it
was still a good year to refinance higher interest mortgages or purchase a
new home. We also assisted borrowers with Home Equity loans to consolidate
debt, do home repairs and buy new cars.
One of our goals in 1994 was to increase the number of loans kept at the
Credit Union (we sell some loans to the secondary market). We accomplished
this with our two excellent, member-tailored programs, the Flexible Mortgage
and 7 Year Switch. In addition to lowering in-house mortgage rates, we
raised loan dollar limits. The net result was 34 happy members.
We began our new Construction loan program in the late spring and had a lot
of interest. We are thrilled to have closed two owner builder construction
loans and look forward to working with more members in 1995.
There were 58 members who received first mortgages through us this year. Of
those, 35 were for home purchases and 23 were for refinances. We assisted 18
first time home buyers this year with financing. Of the 68 loans we closed,
54% of primary borrowers were male and 46% were female. Nine percent were
single parents. We financed 57% urban properties and 43% rural. Just under a
third of the borrowers were self-employed. We assisted 8 borrowers who were
buying properties that needed extensive repairs, more work than the
secondary market would allow. We are especially proud that we can help keep
our "needy" houses occupied by helping borrowers who will do the necessary
repairs to bring these houses up to marketable condition.
In the area of education, we co-sponsored a Home Buyer's Club with INHS. The
purpose of the Club is to educate and assist low and moderate income
individuals and families in the home buying process. We also introduced the
Homebuyer's Savers Club Certificate to help members save for home
downpayments. This is a one year Certificate with a minimum first deposit of
$100.00 and no minimum for subsequent deposits. There is no penalty for
early withdrawal of the funds if they are used for the purchase of a house.
We produced the Homebuyer's Kit which contain valuable worksheets to assist
with the home buying process.
Internally, the Mortgage Department continued working on team building
issues which have improved our efficiency, communication and co-operation.
Diana Leigh was promoted to a Mortgage Loan Officer.
We will be looking for new outlets for our mortgages in 1995 as well as
networking with other community development financial institutions to seek
funding sources for our programs. We continue to strive to meet the needs of
our members and our community.
Carol Chernikoff, Senior Mortgage Loan Officer
This post transferred from the cdb-l mailing list
This was another busy year in the Mortgage Department. As mortgage rates
rose from 7% to 9.50%, applications slowed, although even at the top rate it
was still a good year to refinance higher interest mortgages or purchase a
new home. We also assisted borrowers with Home Equity loans to consolidate
debt, do home repairs and buy new cars.
One of our goals in 1994 was to increase the number of loans kept at the
Credit Union (we sell some loans to the secondary market). We accomplished
this with our two excellent, member-tailored programs, the Flexible Mortgage
and 7 Year Switch. In addition to lowering in-house mortgage rates, we
raised loan dollar limits. The net result was 34 happy members.
We began our new Construction loan program in the late spring and had a lot
of interest. We are thrilled to have closed two owner builder construction
loans and look forward to working with more members in 1995.
There were 58 members who received first mortgages through us this year. Of
those, 35 were for home purchases and 23 were for refinances. We assisted 18
first time home buyers this year with financing. Of the 68 loans we closed,
54% of primary borrowers were male and 46% were female. Nine percent were
single parents. We financed 57% urban properties and 43% rural. Just under a
third of the borrowers were self-employed. We assisted 8 borrowers who were
buying properties that needed extensive repairs, more work than the
secondary market would allow. We are especially proud that we can help keep
our "needy" houses occupied by helping borrowers who will do the necessary
repairs to bring these houses up to marketable condition.
In the area of education, we co-sponsored a Home Buyer's Club with INHS. The
purpose of the Club is to educate and assist low and moderate income
individuals and families in the home buying process. We also introduced the
Homebuyer's Savers Club Certificate to help members save for home
downpayments. This is a one year Certificate with a minimum first deposit of
$100.00 and no minimum for subsequent deposits. There is no penalty for
early withdrawal of the funds if they are used for the purchase of a house.
We produced the Homebuyer's Kit which contain valuable worksheets to assist
with the home buying process.
Internally, the Mortgage Department continued working on team building
issues which have improved our efficiency, communication and co-operation.
Diana Leigh was promoted to a Mortgage Loan Officer.
We will be looking for new outlets for our mortgages in 1995 as well as
networking with other community development financial institutions to seek
funding sources for our programs. We continue to strive to meet the needs of
our members and our community.
Carol Chernikoff, Senior Mortgage Loan Officer
This post transferred from the cdb-l mailing list