TAMPA, Fla. (October 26, 2012) – GTE Financial has seen over $213 million in HARP (Home Affordable Refinance Program) loans since March of this year, and this number continues to grow. Processing these 1,100 mortgage applications presented unique challenges and GTE recognized that in order to ultimately provide the Member Experience they desire, the need to enhance and control the entire mortgage process was imperative.
Leverage Financial, a correspondent lending firm that was providing mortgage processing and real estate title servicing to GTE, was an obvious fit. The pairing of GTE’s processing, secondary market and servicing staff with Leverage’s processing, correspondent lending and servicing entities brought down the overall price per loan and mortgage expense, while increasing the volume and reach of GTE. GTE’s servicing ability and member experience improved as a result of the increased turn-time and better control of the mortgage life cycle.
“We had already been searching for a strategic partner that was interested in growth and a true partnership,” says Jamal Wilson, Senior Managing Partner of HLA. “The timing was perfect with HARP and GTE’s focus on mortgages and their need to handle increased volume efficiently.”
Out of this true partnership, the GTE Financial CUSO Home Loan Alliance (HLA, LLC.) has been created. HLA originates, processes, closes and provides titles for not just GTE but is a turnkey operations center for mortgage lending to credit unions that have reached their maximum operational mortgage volume, or to credit unions that lack the necessary resources.
“HLA shares our vision of growth, improved communication throughout the loan process, and the increased ability to put members into homes,” GTE Financial CEO Joe Brancucci notes. “It positions us to better serve the needs of members and communities as they again purchase homes for the first time or move up. We want to be the only choice for their home loan needs in our markets. “
About GTE Financial:
GTE Financial is a not-for-profit financial cooperative with more than $1.5 billion in assets and 21 Community Financial Centers located throughout West Central Florida. Chartered in 1935, GTE Financial is locally owned and operated in the Tampa Bay area, serving more than 186,000 individuals and businesses throughout West Central Florida. More information at www.gtefinancial.org.