If a consumer in the eastern Connecticut counties of New London or Windham wants to obtain a mortgage loan, they are most likely to get it from the 67,000-member, $702 million member Charter Oak Federal Credit Union.
The Groton, Conn., credit union has been named Eastern Connecticut's top mortgage lender, according to The Warren Group, a publishing firm that specializes in New England financial and real estate data.
The credit union booked 733 mortgage loans in the two counties for roughly $94 million in 2011.
“We’ve built a great mortgage team here at Charter Oak,” said CEO Brian Orenstein. “The momentum from last year’s success carried over into 2011. We want to be known as 'the place' to get your mortgage. And we are getting there. I am very proud of our staff and so thankful to our loyal membership.”
The CU attributed its success in part to a large range of mortgage options and announced it would start making loans backed by Federal Housing Administration insurance starting on Feb. 1. These FHA-backed loans allow smaller down payments and more flexibility in sources of down payment funding.