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Residential Mortgage Lending
As we move into the new millennium, we are excited about
the opportunities created with the combination of our Midwest and Northeast
mortgage operations into one company named Republic Banc Mortgage Corporation.
The combination of our extraordinary mortgage banking team with an advanced
technology platform maximizes profitability and enhances Republic’s
sales focus while we remain committed to our “Customer First”
approach.
Republic’s powerful mortgage banking subsidiaries, Republic Banc
Mortgage Corporation and Market Street Mortgage Corporation, are two of
the most respected residential mortgage lenders in the country.
Our experienced Mortgage Loan Officers provide personalized service
and valuable guidance throughout the application and closing process.
Purchasing a home is one of the most important financial decisions our
customers will ever make. The residential mortgage lending team focuses
on simplifying the mortgage process and making it possible for our customers
to achieve their dream of home ownership.
Homebuyers have access to our 535 Mortgage Loan Officers through the
Company’s nationwide network of offices. Prospective borrowers may
meet one-on-one with a Mortgage Loan Officer to prequalify for a mortgage
loan prior to beginning their house search. Interested homebuyers may
also apply directly over the Internet by visiting our Web sites at www.republicbancorp.com
or www.buyersdirectmortgage.com.
In addition, we have expedited the mortgage approval process by providing
our Mortgage Loan Officers with laptop computers to use in the field.
This capability adds value to the customer’s home buying experience
by reducing the time required for loan approvals.
Republic’s Mortgage Loan Officers rank among the top lenders in
the markets we serve. They are dedicated to building personal relationships
with real estate agents, brokers and builders in their communities. Cultivation
of these relationships helps strengthen our existing referral programs
and permits the development of new ones, thereby supporting loan growth.
Most importantly, our Mortgage Loan Officers, along with their dedicated
Loan Processors and Closers, are motivated to provide the highest level
of personalized service so that customers can receive quick responses
to questions, timely loan approvals and efficient closings.
During 1999, the residential mortgage lending team closed $5.2 billion
in mortgage loans, or 44,000 mortgage loans. As a result, Republic ranks
as one of the 20 largest retail mortgage lenders in the country. We are
truly committed to “Financing the American Dream.”
Mortgage Loan Products
Republic offers a variety of mortgage products with flexible
terms suitable for homebuyers. In 1999, approximately 36% of Republic’s
mortgage loan closings were conventional mortgage loans underwritten to
guidelines permitting their sale directly to the Federal National Mortgage
Association and Freddie Mac. Another 22% represented government loans either
guaranteed by the Department of Veterans Affairs or insured by the Federal
Housing Administration, underwritten to guidelines permitting their conversion
into mortgage-backed securities issued by the Government National Mortgage
Association. The remaining 42% were comprised of portfolio and jumbo loans.
Republic also offers a variety of residential construction products.
Our Mortgage Loan Officers work closely with their construction loan customers
and their builders to ensure that their construction loan process is positive
and smooth.
Mortgage Loan Servicing
As a loan servicer, Republic performs the servicing function by collecting and remitting loan payments, holding custodial funds for payment of taxes and insurance, counseling delinquent mortgagors, supervising foreclosures and property dispositions in the event of unremedied defaults, and performing other loan administrative duties. In return, the Company receives a fee from the investor and other ancillary income associated with the administration of the mortgage loan servicing portfolio.
Providing outstanding customer service is the primary focus of each servicing employee at Republic. This commitment is demonstrated each time an employee speaks with a customer over the phone or processes a transaction that affects a homeowner. Republic has the people, products, and resources required to make the dream of home ownership a reality. |
