MidFirst posts record mortgage lending results

Journal Record, The (Oklahoma City), Mar 16, 2004 by Journal Record staff

MidFirst Bank has reported record mortgage lending for 2003.

MidFirst provided funding during 2003 for 24,957 first mortgage loans totaling $1.754 billion, up sharply from 2002.

The Oklahoma City-based member of the Midland Group of companies ranked 21st among Government National Mortgage Association, or Ginnie Mae, issuers for the year.

MidFirst's success was a combination of a favorable interest rate environment and changes in the way the bank approaches mortgage lending, said Matt McLean, first vice president for mortgage banking.

We've re-engineered our approach to writing mortgages for our banking center customers, McLean said. Our focus has been on providing value and service, and branding what we do to help our established banking customer base think of us first for new mortgages and refinancing.

To increase cross-selling to the existing customers, MidFirst held home finance seminars, launched special mortgage programs as part of the Super Value Tuesday extended-hours promotion and developed new products to help home buyers get into the market.

The programs included MidFirst's Best Rate Mortgage Guarantee, which promises home buyers that the bank will either offer the best mortgage package for a home purchase or refinance, or pay the customer $400 after closing.

Another MidFirst program, the Home Free Mortgage, was designed for first-time home buyers and people needing assistance with closing costs. Home Free Mortgages allow qualified applicants to choose either 100 percent closing cost assistance, up to $1,500, or a competitive interest rate.

We've developed a team of mortgage loan originators, who help us market directly to Realtors, builders and financial planners, McLean said. Through these relationships, we have direct contact with the home buyer during the time that financing decisions are made.

MidFirst has 40 offices and 100 ATMs across Oklahoma.