DENVER — Thanks to a variety of factors, including some top lenders leaving the market, the $1.8 billion Bellco Credit Union is enjoying what it calls “an incredible spike” in mortgage applications–more than double last year–and is proceeding with funding a large percentage.

“We are indeed seeing the fruits of some marketing in the first quarter, and we've all brought on some good people, many from the mortgage industry and that has been a factor,” said John Ruby, senior vice president/chief lending officer, in detailing a more than a doubling of first half mortgage applications to 1,896. That compares with 758 for the same period a year ago. Bellco recorded 1, 649 applications for all of 2007.

Ruby said another major factor has been the closing of some offices and withdrawal from the Denver market by Countrywide Financial Corp., now a part of Bank of America and Washington Mutual Bank of Seattle.

During the first six months, Bellco funded 492 first mortgages amounting to $113 million compared to $85 million in all of 2007. Bellco has funded all of the loans so far but “will probably begin using Fannie Mae.” Bellco has retained all the servicing, however, said Ruby.