2018 Residential, Consumer and Commercial Loans Exceed Expectations
SANTA CLARA, CA (January 29, 2019) – KeyPoint Credit Union ended 2018 on a high note with both consumer and commercial loan origination rising to an all-time high of $412.8 million.
KeyPoint has been overhauling its residential lending process to drive mortgage growth through the retail channel, and implementing process improvements to enhance the mortgage lending experience. “We’ve streamlined the loan process, expanded loan officer availability –– including offering Saturday hours –– and instituted midpoint check-ins and post-closing surveys to solicit member feedback,” says David Luu, Chief Lending Officer of KeyPoint. “And the work has paid off –– with $147.6 million in mortgage loan originations in 2018.”
KeyPoint has also been successful originating and servicing auto loans –– with approximately $197.8 million in total auto and other consumer loans for 2018. “KeyPoint is a leader in member penetration for auto loans at 30 percent –– compared to 19 percent for our peer group,” adds Luu. “And auto loans will continue to be a cornerstone of our operations.”
Commercial lending is also an important component of KeyPoint’s loan portfolio. “We’ve helped a wide range of small businesses and early-stage companies get the funds they need with our Commercial Real Estate and Small Business Administration Loans,” notes T. Bradford Canfield, President & CEO of KeyPoint. “Providing vital capital to growing businesses is key to their success –– especially in the Silicon Valley, our primary market.”
“At KeyPoint, our mission is helping every member of the community reach their financial goals –– whether it’s a growing family upgrading to a larger home, a new Silicon Valley resident buying her first car or a small business owner looking to expand. Our lending success in 2018 is measured in more than dollars –– it’s measured in how many members we’ve helped make their dreams a reality.
About KeyPoint Credit Union
Born from Silicon Valley innovation and built to serve a diverse membership, KeyPoint is a full-service, not-for-profit credit union dedicated to providing financial solutions to help members achieve their goals in life. KPCU helps members make the most of their money –– earning more interest on savings, and paying less interest for credit. And KeyPoint is active in the community providing free financial education programs, as well as fostering financial literacy, sponsoring reading programs and mentoring the next generation of business professionals at local educational institutions.
Learn more about Next Generation Neighborhood Banking from KeyPoint Credit Union at kpcu.com
For more information, contact:
Marketing Manager, KeyPoint Credit Union