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Elevations CU sees unexpected hike in mortgages
BOULDER, Colo. (3/28/08)--Gross first mortgage production at Elevations CU totaled $13.7 million during February--70% more than the $9.7 million it had projected. The credit union made 61 loans--75% refinances and 25% new purchases. The total dollar volume was 261% more than the total mortgage production in February 2007, said the credit union in a press release. Several factors influenced the change, said Linda Cooper, assistant vice president of residential lending at the Boulder, Colo.-based credit union. Interest rates remained low at a time when many adjustable rate mortgages are due for a rate readjustment, she said. At the same time, consumers are venturing back into purchases because the housing market is favorable for buyers. Nationwide, home prices have leveled off or declined while rates remained low, Cooper added. "Our experience seems to reflect a trend in the local market," Cooper said. Elevations was told by title companies and appraisers it works with that February was a busy month for refinances. The reality is that the mortgage industry is in a state of flux, she said. Consumers are seeking more traditional mortgage providers and more traditional mortgage products. Elevations has a 54-year track record and is a known and trusted provider in the area, Cooper said. So far, the volume of mortgage applications received remains strong in March, with the number of purchase applications outpacing refinance applications. If the historical spring surge in home sales holds true in 2008, Elevations expects another strong month of mortgage volume for March. Elevations has more than $760 million in assets.
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