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By Alabama Postal Credit Union
WEOKIE Credit Union’s success was profiled in an article last year. This reprint
reflects the latest data and lending performance.
With the first quarter now recorded in the history books, the summer months
are quickly approaching. Much like the population beginning to exchange their
bulky winter clothing for lighter summer attire, one Oklahoma credit union has
been changing its mortgage program to focus on purchase money lending.
WEOKIE Credit Union shed its refinance attire earlier than most, anticipating
the climactic change that now accounts for more than 50% of its mortgage business
on a monthly basis.
"We've gotten a great number of comments on how much easier our mortgage process
is, as compared to every other lender," commented Doyle Province, vice president
of mortgage lending at the $405 million WEOKIE Credit Union. "It's always a
pleasure to hear from our members that they appreciate our service. In some
ways, it's even better to hear those same type of comments from others that
influence a member's choice of mortgage lender," he continued.
Weokie's First Mortgage Loans
First Mortgage Loans
Callahan & Associates’ first quarter analysis revealed:
“Although volume hasn't been as high in 2005, our purchase money business remains
a significant portion of our loan totals. We have to work harder this year for
new loans. We strive to provide our members with competive rates, low closing
costs and a low stress application experience. We put emphasis on local loan
servicing and our loan servicing department. Our loan officers continually follow
up on outstanding pre-approvals," said Province.Since implementing Prime Alliance's
mortgage lending solution in November 2003, the credit union has come to be
known as the mortgage lender in the community that provides the best overall
home financing experience.
"Even the biggest lenders don't come close as their online solutions provide
just enough information to get the customer to contact them directly. WEOKIE
Credit Union provides a loan decision, an approval letter, and disclosures at
the time of application," continued Province. "Members know their loan will
close on time," he added.
Member word-of-mouth is often the most powerful and effective advertising an
organization can employ. In mortgage lending, though, many individuals and organizations
have the opportunity to influence a member's choice of lending. The new process
that impresses WEOKIE's members has financial planners, CPAs, title companies,
and Realtors in the area all taking notice too. "We've cultivated these relationships
carefully," explained Province, "attending the Board of Realtors meetings, contacting
mortgage bankers, and attending other meetings helps us spread the word about
our capabilities. We follow up these relationship-building activities with solid
results. Consequently, WEOKIE's purchase-money lending business will continue
to grow in the months and years to come," concluded Province.
As warmer weather settles in, members will be looking to change out of their
current homes as they opt for something new. Rates, although slightly higher
than they have been recently, remain at historical lows. It's also becoming
clearer that service matters to everyone involved in the homeownership event,
just ask Doyle Province.
May 30, 2005
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