Nearly $1 Billion in Home Loans Made through Wright-Patt Credit Union Since 2009
February 21, 2012
Wright-Patt Credit Union completed another successful year of helping Daytonians purchase homes and save money with low cost refinancing. The Credit Union helped over 2,500 members with more than $300 million in financing last year. Since 2009 Wright-Patt Credit Union, Inc. (WPCU) has loaned almost $1 billion to members. According to the Dayton Business Journal, WPCU now ranks third in total market share in the Dayton metropolitan area.
On top of the Credit Union’s own mortgage production, they’ve generated another $600 million in mortgage loans for credit unions across the country in 2011 through their wholly owned subsidiary myCUmortgage. In addition, over the past 3 years, the credit union added 22 employees to the mortgage division, now employing 70 people.
“Homeownership is the best way to build wealth and strong communities,” said Tim Mislansky, Chief Lending Officer of Wright-Patt Credit Union. He continues, “We are proud to have helped many Miami Valley families fulfill their dream of homeownership while ensuring they receive affordable financing. By expanding our mortgage division, we can help even more individuals realize the dream of owning a home.”
While the economic downturn has been longer than expected, WPCU has seen first-hand that homes are always being bought and sold. According to Mislansky, low housing prices along with historically low interest rates continue to motivate people to buy or refinance. “As history suggests, when the economy makes consistent upward progress home prices will increase, but the fluctuations in home values we’ve experienced still remain a top challenge for sellers and buyers, as well as homeowners refinancing,” said Mislansky. “Our members appreciate that we work with them to determine a solution that’s in their best interest because of these uncertainties.” The Dayton area has some of the most affordable housing in the country with an average price of $125,000.
“We are also quite proud of how we’ve helped our borrowers remain homeowners in these difficult times,” added Mislansky. In these difficult times, the Credit Union’s delinquency, loan losses and foreclosure activity have remained at less than half the averages for Ohio and around one-third of national averages. “These results show that the Credit Union not only helps people buy homes, we help people maintain their home ownership as well” concluded Mislansky.
One of the ways WPCU encourages homeownership is through their nationally recognized and awarded Savings Race.
Currently underway, Savings Race 4 – Home Edition has five teams competing for the top prize of $10,000 towards the purchase of a home, which is documented on www.SavingsRace.com and WDTN Channel 2 News. Free homeownership classes are also offered to the general public.
In 2011, WPCU Mortgage Loan Officers received awards by the Dayton Mortgage Brokers Association. Efforts are also underway to reach out to the local real estate community to share their knowledge and capabilities. Knowing the market and keeping all decisions local is one of the reasons that WPCU has been so successful in Mortgage Lending. For more information on Wright-Patt Credit Union’s Mortgage solutions visit www.wright4youmortgage.com.