Is your bank unable to process, approve, and fund secondary market loans due to lack of experience or staffing? Are you losing customers to banks or credit unions that can?
The program was designed for community banks that want to retain & grow their customer base. It allows the bank to originate secondary market loans without the staffing of additional loan officers and processors.
Your bank would simply take an application as usual. If your Bank cannot do the loan, First Federal Savings Bank Mortgage Center may be able to fit the loan into one of the programs outlined earlier in this proposal. The customer is not lost, and you will gain fee income!
Your Bank will retain fee income of 1.00% of the loan amount.
Complete training would be handled with any personnel your Bank feels need to be involved. Becky Wells, First Federal Savings Bank Mortgage Center Manager, would do all training at your location. This training would be of general information on each program available. First Federal Savings Bank Mortgage Center would take on all responsibility of processing the loan. The loan would be closed utilizing the title or law firm that your bank wants.
Becky Wells has taught government financing classes at Jefferson Community College and Elizabethtown Community College . She is approved by the Kentucky Board of Realtors to give continuing education classes to real estate agents.
First Federal Savings Bank Mortgage Center's innovative mortgage program allows you to:
• Promote a full-service loan offering to your market area without the payroll expense of the support staff.
• Service the customer completely. You won't lose them to competition that offers secondary market services and lower rates.
• Make money without doing all of the work.
• Make money on loans you don't want to keep.
• Promote loans with great rates to attract customers for cross sales opportunities.
Documents are available as printable PDF files using Adobe Acrobat Reader. If you do not have Adobe Acrobat Reader, download a free copy now from Adobe.
Correspondent Agreement