the morpac quarterly

Helping first-time homebuyers Young adults are the future of credit unions and meeting their mortgage needs is essential to maintaining a long-term banking relationship. “If a credit union allows a member seeking a first mortgage to walk away, they may have lost them forever. I tell our partners, ‘Don’t say no. Call MorPAC,’” said MorPAC Vice President Chris McKenna. MorPAC offers FHA, VA and USDA loans among other options for first-time buyers.

453 New Karner Road Albany, NY 12205 www.morpacadvantage.com

(518) 690-2232 | (877) 266-7722 Fax (518) 690-4218

Quarterly

We’ve created The MorPAC Quarterly to keep you informed about our lending options and knowledgeable staff. The newsletter is one part of our new partnership with CAP COM Federal Credit Union. This partnership will enhance our already high level of integrity, professionalism and member service with the core credit union tradition of “people helping people” at the forefront. We will continue to serve as a trusted lending partner for more than 30 credit unions in New York. We can now originate, process, underwrite, close and service your members’ mortgages. And, for credit unions who service members’ mortgages, we are now offering mortgage escrow account services for taxes and insurance. We look forward to providing our clients and credit union partners with even more resources. Please feel free to contact me at (877) 266-7722 ext. 4313 with any questions about our new partnership or the range of mortgage-related services we now offer!

A new chapter

Fall 2010 Vol. 1 • Issue 1

Chris McKenna, Vice President of Mortgage Services

FHA loan benefits for first-time homebuyers:

• 15- and 30-year fixed or adjustable rates and no prepayment penalties. • Only 3.5% down on one- to four-unit owner-occupied properties. • Seller can contribute up to 6% of the purchase price for closing costs and escrow accounts.

The MorPAC

Mortgages from Someone You Trust!

Our new Free After Five Program1 gives members with five years of on-time payments a chance to eliminate monthly mortgage insurance premiums. No real estate appraisal will be required and coverage remains active until the loan-to-value reaches 78%.

How to save $4,335!2 A member with a $200,000 home and a 30-year mortgage could have an $85 monthly mortgage insurance bill. After five years (60 months) of on-time payments, our Free After Five Program would eliminate that bill – avoiding 51 future payments totaling $4,335. Learn more! Call us at (877) 266-7722.

Savings add up with Free After Five®

1Offered in partnership with the Radian Group.2Example shows a member with a FICO score of 740 who paid 5% down on a fixed-rate $200,000 home mortgage.

Chris McKenna, ext. 4313 V.P. of Mortgage Services chris@morpacadvantage.com

Dave Stagnitti, ext. 4312 V.P. of Mortgage Services dave@morpacadvantage.com

Frank E. Himes III, ext. 3658 V.P. Mortgage Operations frank@morpacadvantage.com

Ginny VanAmburgh, ext. 4321 Senior Manager of Operations ginny@morpacadvantage.com

Mike Rourke, ext. 4323 Secondary Market Administrator mrourke@morpacadvantage.com

Chris Berti, ext. 4316 Senior Mortgage Specialist cberti@morpacadvantage.com

Josh Hebert, ext. 4302 Senior Mortgage Specialist josh@morpacadvantage.com

Eric Cruz, ext. 4334 Mortgage Specialist ecruz@morpacadvantage.com

Mike Tripoli, ext. 4330 Mortgage Loan Originator mtropli@morpacadvantage.com

Jessica Brate, ext. 4314 Mortgage Loan Originator jessica@ morpacadvantage.com

Daniel P. Fruscio, ext. 4331 Mortgage Specialist dfruscio@morpacadvantage.com

Chrystal Muir, ext. 4304 Senior Underwriter cmuir@morpacadvantage.com

Sarah Foote, ext. 4305 Mortgage Processor sfoote@morpacadvantage.com

Donna Curtin, ext. 4335 Mortgage Processor dcurtin@morpacadvantage.com

Ann Marchaland, ext. 4317 Operations Support Representative amarchaland@morpacadvantage.com

Tom Mayo, ext. 4336 Mortgage Processor tom@morpacadvantage.com

MorPAC Directory

Website redesign

•Onlinemortgage paymentsandmemberaccountmanagement•Getcurrentrates•Findrefinancingtips •Getpreapproved•Step-by-stephome buyingadvice

•Mortgagenews

Construction loans Our new interim construction financing can help your members build a dream home. MorPAC will handle the draw or construction phase of financing when our credit union partners agree to hold a mortgage after construction is complete. That means MorPAC takes on the risk during the construction phase and if construction is not finished, the loan will never be transferred. Many partners are offering these construction loans as an adjustable rate mortgage or short-term home loan. But, there are several more ways to customize this offer. Call today for details!

www.morpacadvantage.com

We’re always finding new ways to meet your mortgage needs. Visit our new website today!