CHARTER OAK NAMED EASTERN CT’S
TOP MORTGAGE LENDER
In 2010, Charter Oak Leads the Pack in Number of Mortgage Transactions
Groton, CT-February 14, 2011-The year 2010 was a big one for Charter Oak Federal Credit Union. With total assets of $653 million, the Groton-based Credit Union recently earned the coveted title of “Eastern Connecticut’s #1 Mortgage Lender.” Based on data compiled by The Warren Group, Charter Oak FCU outperformed all its competitors, ranking first in number of mortgage transactions in New London and Windham counties combined.
This is the first time a credit union in Eastern CT has ever received the distinction of top mortgage lender. Even more remarkable, Charter Oak was primarily an auto lender prior to 2009. Given the downturn in the auto industry, the credit union began developing innovative products for the real estate lending market. In 2010, the Credit Union originated over $132 million in mortgages throughout New London and Windham counties, with $115 million originated in New London County and $17 million in Windham County.
According to CEO Brian Orenstein, “The year 2010 was tremendous for Charter Oak Federal Credit Union. Our earnings, loan growth, deposit growth and capital growth were well above our peers. We closed more mortgages than any other financial institution in Eastern Connecticut in 2010. More than the mega-banks, more than the community banks. Truly an amazing accomplishment. I am so proud of our staff and so thankful to our membership.”
Much of Charter Oak’s success can be attributed to its successful Cost Saver Mortgage and Accelerator Mortgage programs. It was Charter Oak’s financial vision in 2009, that borrowers would want to pay down existing debt in a difficult economy, rather than invest in low interest rate investments or the equity market. The Accelerator mortgage product was priced properly to incent consumers to shorten the remaining maturities on their existing mortgages. Accelerator mortgages accounted for over 61% of Charter Oak’s mortgage activity in 2010.
Charter Oak was also recently named a New England Mortgage All-Star by the Warren Group and mortgage originator Ann Gauthier received a five star rating from QMI Research based on customer satisfaction surveys.
