Closed Loans Jump 83% Year-Over-Year At Colonial Savings

tail origination channel and credit union mortgage division belonging to Fort Worth, Texas-based Colonial Savings FA have reported a combined increase of 83.45% in closed loans for the first five months of 2009 as compared to the same period last year. Colonial National Mortgage and CU Members Mortgage closed a total of 7,217 loans from January through May, for a total of almost $1.29 billion. In the first five months of 2008, the two units closed 3,934 loans. While 77% of new mortgages took the form of refinances, government programs are also stimulating new home purchases, especially for first-time buyers, the company says. ‘For many, low rates and incentives make ownership possible for the first time or allow them to move up to a larger home, and that is good for our country's economic recovery,’ says David Motley, president of Colonial Savings. ‘Likewise, those who are refinancing to a lower interest rate on their existing home loans typically lower their monthly payments, and that frees up cash for other needs.’ SOURCE: Colonial

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