Tim Sciborski, SVP Community First Credit Union in Appleton, WI writes...
"We have always been a strong mortgage lender but this year has seen an increase in market share. The opportunity exists. All you have to do is go for it!The support of your CEO and the marketing department is key. We have done a couple of promos where we have featured a 5 and a 10 year in house product. These promos were done mainly through radio, some newspaper and direct marketing to the realtor community. In addition our branch personnel supported us in any way they could. Fielding phone calls and making appointments for our originators. With these promos we also require a true “relationship”. For those among us that have been around long enough to remember that a checking account always came with the mortgage loan, well it’s true here. If you want that great rate you need checking with direct deposit. And even though we gave rates out as low as 3.95% and 4.99% the profitability of these members is very high. The average almost 5 services per member. I also received a call from a long time mortgage banker in our market that said; “I can’t beat you so I want to join you.” So you know we are reaching the market and the realtors with our message.
Overall we are at 28% loan growth for the year and real estate has been a large part of this."
What do you think? What can you ofer to others who are searching for strategies?
Please add your comments for all to see...