Community Banks Triple Mortgage Loan Volume During Q1

ortgage, the mortgage services subsidiary of the Independent Community Bankers of America (ICBA), reports that its secondary lending mortgage alliance programs for nearly 1,200 community bank participants produced approximately $7.2 billion in mortgage loan volume during the first quarter of 2009 – almost triple the amount of mortgage loan volume reported for the first quarter of 2008. ‘Even though this is only a portion of ICBA's membership base, these numbers are a dramatic indication that community bankers are regaining lost market share in the residential mortgage arena," notes ICBA Mortgage President and CEO Dave Petro. "It also demonstrates that despite the challenging economic environment, our nation's more than 8,000 community banks are commonsense lenders that continue to lend to their customers in cities and towns throughout America." Of the nearly 45,000 mortgage loans produced by community banks during the first quarter, 20% went toward home purchases, while the other 80% went toward refinancing. Over 98% of loans were for fixed-rate mortgage products. Federal Housing Administration (FHA) loans also gained momentum, ICBA says. Of the loans sold through privately held mortgage company Taylor Bean & Whitaker, 40% were for FHA loans, up from 10% during the first quarter of 2008. The average loan amount was approximately $170,000. SOURC


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