There has been much recent media coverage of the so-called "mortgage crisis". Unfortunately, the full story hasn't been told. All lenders are not the same and Mascoma Savings Bank is as eager to lend as ever.
There is a liquidity crisis for many mortgage companies and mortgage brokers. They rely on investors to fund loans, and that has almost dried up overnight. Mortgage bankers are shuttering operations, laying off workers, and pulling out of loan commitments across the country. Underwriting guidelines are being tightened and many of the irresponsible loan products of recent years are being eliminated or scaled back.
It is business as usual at Mascoma Savings Bank. First, we are not tightening underwriting requirements because we didn't offer irresponsible loan products in the first place. Also, our mortgage funding is almost unlimited because funds to lend come from depositors, the Federal Home Loan Bank system, and government-chartered agencies like Freddie Mac and Fannie Mae. We don't rely on faceless investors across the globe who may disappear tomorrow.
There is a great deal of uncertainty in the mortgage market. Mascoma Savings Bank offers consumers reliable and responsible loans at fair prices.
Ken Wells
VP Retail Lending and CRA Officer
Mascoma Savings Bank
Lebanon NH
ph 802-280-2953
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