Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Wright-Patt CU sees record year in home loans
DAYTON, Ohio (12/11/12)--Fairborn, Ohio-based Wright-Patt CU has experienced a recording year mortgage loans--and gained a greater market share in the process--thanks in part historically low interest rates and an improved home-sale market.

Through the end of October the $2.5 billion asset Wright-Patt CU closed more than 3,000 loans for refinances and new home purchases for the year--a 46% increase from the prior year, said Tim Mislansky, chief lending officer of Wright-Patt (Dayton Daily News Dec. 8).

Wright-Patt CU is have a better year than it expected because it is taking market share from other financial institutions, Mislansky said.

Wright-Patt CU grew to be Dayton's third largest mortgage lender in 2011, according to analysis of Home Mortgage Disclosure Act data provided by Mislansky. Four years ago, Wright-Patt was the eighth-largest lender in the Dayton area.

The growth caused Wright-Patt CU to add about 20 mortgage lending jobs this year, bringing its mortgage staff to 91 employees. It has 10 positions open.

About 2,000 of Wright-Patt CU's 3,000 home loans were refinances. Purchase volume, about 1,000 loans, increased 53% this year from 2011.

Low rates also have helped Day Air CU of Kettering, Ohio, have a record mortgage-lending year, according Bill Burke, the credit union's president/CEO.

There has been a lot of refinance activity because of low rates, but Burke likes to see purchase activity because it means people are buying houses, he told the Daily News.

While credit unions built their reputation on car loans, Wright-Patt has made efforts to establish a presence in the Dayton mortgage market, Mislansky said.

The credit union partners with local housing programs such as the federal Neighborhood Stabilization Program and the HomeOwnership Center of Greater Dayton. It was a presenting sponsor of this year's Eco-Rehabarama home show in Huber Heights with the Home Builders Association of Dayton. In June, Wright-Patt and Irongate Inc. Realtors of Centerville, a real estate firm, formed a new mortgage company making Wright-Patt the preferred home lender to Irongate's clients.
Other Resources

RSS print
News Now LiveWire
#FreeGasFriday courtesy of @tvfcu, TN #creditunions http://t.co/wDRFYJVlpz
10 hours ago
If you were unable to watch or attend @cuna 's @thehill Hill forum on Wed., you can now watch the archived version: http://t.co/FhUnp7HbU8
11 hours ago
Time is running out. If you haven't taken the #NewsNow readership survey, please click here now: http://t.co/4Gp6C2Wa4o
11 hours ago
African financial inclusion possible with mobile money: @IMFNews study http://t.co/0V5DTQToxY
12 hours ago
Louise Herring's birthday is Saturday. 105 years later, her legacy lives on through her kids http://t.co/oMqGADmo0d http://t.co/T3NmS9NqEY
13 hours ago