Bank partnerships increase mortgage opportunities for home buyers
October 5, 2012 by Sarah
Partnerships that have been recently formed between the Gateway Bank of Florida, based in Daytona Beach, Florida and FBC Mortgage LLC with offices in 11 Florida cities are now enabling homebuyers in the area to have another option for obtaining a home mortgage.
The two organizations are most likely working together in flyer printing and poster printing to let potential homebuyers become aware of this partnership, so that they will feel more encouraged to investigate purchase of a new home.
According to David Maholias, president and CEO of Gateway Bank, now is a good time to get into the market for residential mortgages, since many people in the market are more inclined to deal with a community bank rather than more traditional ones.
In recent times, community banks have tended to shy away from home mortgages, yet, as a result, this has given them a better survival rate during the economic downturn, during which the real estate market was in decline. Maholias added that now that the residential real estate market is beginning to come back and home mortgages are more tightly regulated, commercial banks are looking to get back into home mortgages with income being generated primarily from services and fees, as opposed to interest.
Joe Nunziata, chairman and CEO of FBC Mortgage, also said that such partnerships provide the compliance, underwriting, and legal resources in which community banks are often lacking due to expense, thus enabling them to be the originators of home mortgages.