In light of the market meltdown of recent years, new players are emerging to meet the needs of mortgage borrowers. 
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Titan Lenders Corp. has been founded on the principle that mortgage lenders should
aggressively focus on their front-end profit generator – origination, rather than attempt Our outsource fulfillment and mortgage consulting services include: We won’t sacrifice Quality for Volume - EVER. Contact us to learn more |
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The MAP Program - Morgage Access Program for Community Banks and Credit Unions |
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These players are the small community banks and credit unions across the country. Small banks and credit unions have garnered enormous market share for consumer credit (car loans, personal loans); however they have been slow to enter the mortgage market. The main reason is that they are unfamiliar with the process and management that is required to do it profitably. In addition, they are often times unwilling to absorb the overhead requirements needed to staff a mortgage banking office.
Currently, credit unions have less than a 2% share of the mortgage market. They are also known to be the most trusted financial institutions in existence. Small community banks are marginally better with respect to mortgage market share and the trust factor is slightly lower than that garnered by credit unions. Studies have also shown that potential borrowers also have a tendency to look to their banking institutions first (80% of the time) when seeking a mortgage. Both institutions see the need to get into the market, as it is potentially very profitable. Additionally, they want to retain and service their customers rather than refer them to a potential competitor. The conflicting factors mentioned previously and their desire to service their depository customers often places them in a “catch-22” of wanting to participate, but not knowing how to effectively and profitably. Both of these types of institutions are often unwilling to use their own deposits to fund mortgage loans. The risk is too great considering the additional depository requirements. Their overall risk averse nature and the media coverage of the “meltdown” have also made them tentative new players in the industry. Due to these factors, they will either not enter the market or in order to do so they will obtain a warehouse line to fund mortgage loans. In either case, TITAN has come up with a program that we feel will address their needs to get into the market, mitigate both cost and risk, and maintain high quality production. TITAN has been criticized by our competitors for our unwillingness to sacrifice service standards by offering a more a la carte set of services. We are unwilling to parse out our services to the lowest common denominator knowing the type of quality degradation that is caused by separating the closing and post closing functions. It is Titan’s utmost desire to maintain excellence and not compromise service standards in the shortsighted pursuit of volume at any cost. The MAP Program is designed to highlight our standards of excellence rather than compromise them. This program seeks out the most conservative and risk averse within the finance industry: the small bank and credit union communities. As depository institutions, they are very comfortable with rules, regulations, and compliance which make them an ideal partner for our services. The MAP Program is designed to offer origination, processing, underwriting and fulfillment support as a whole suite of services. Essentially, we will create a mortgage banking platform for the client. From training related to proper application detail and collection through processing and submission to the lender, to closing the loan right in the branch; TITAN will offer full support and services.
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