Loan Zone: Making fans for life

first_imgPeople in the Pittsford, N.Y., area—just outside the city of Rochester—tell their friends about the great lending programs offered by $378 million Pittsford Federal Credit Union.According to Senior Manager Brian D. Scudder, that’s because the credit union is able to have real people on its staff make local decisions based on people’s specific situations.For example, Rochester is home to an excellent regional medical facility in Strong Memorial Hospital. Many outstanding doctors move to the area from overseas to work at the hospital. At first, these doctors don’t have a U.S. credit history and that can make it difficult for some lenders to approve them for a mortgage.“We can help out,” Scudder says, in part because the credit union doesn’t plan to sell on the secondary market every mortgage it makes. “A lot of consumers will go and apply (for a mortgage) through a broker or a national bank and that institution doesn’t intend to hold the loan on its balance sheet. They intend to sell the loan from the get-go.“We limit selling to 20- and 30-year fixed rate mortgages. A home purchase (or refinance) that’s 10-year fixed, 15-year fixed, or adjustable rate, we keep in portfolio and on the balance sheet. Because of this, we aren’t subject to Freddie Mac rules. We can be more creative in solving members’ issues.” continue reading » 4SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img