A new mortgage lender has opened its doors in St. Joseph. LPSB Mortgage, a division of the LaPorte Savings Bank, has a new office at 2918 Division St.
The 1,000-square-foot office opened with three employees, including two very seasoned loan originators, says Gary Booth, real estate general manager for LPSB Mortgage. The mortgage professionals know the community well and well-known by local realtors.
The lender provides on-site processing and underwriting services. It will concentrate on Berrien, Cass and Van Buren counties. Booth says an underwriter is on staff to serve customers a loans come through.
The office opened in Sept. 6 and since then business has "exceeded expectations by 100 percent," Booth says.
LPSB Mortgage offers all the conventional mortgages, including those that meet the funding criteria of Fannie Mae, Freddie Mac, FHA, the Veteran's Administration and Rural Development loans.
Where LPSB Mortgage plan to make a niche for itself, however, is its portfolio loans, which Booth says are unique compared to other mortgage lenders in the area. The loans provide more flexibility for borrowers who might not fit the requirements of traditional government loans.
The ability to offer portfolio loans is "something that was missing in this market. We knew that the market was underserved and that there was a need for loans for people who didn't fit into all the boxes" of other loans.
LPSB Mortgage also will provide some commercial loans for its mortgage customers.
LaPorte Savings Bank was founded in 1871 and has a long history of serving the people and communities of Northwest Indiana and Southwest Michigan.
Writer: Kathy Jennings, Second Wave Media
Source: Gary Booth, LPSB Mortgage
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