Smooth waters are ahead for North Shore Bank and our indirect lending marine customers.
While it has been a challenging and unusual year, North Shore Bank’s Indirect Lending and Mortgage departments have not just performed well, but have actually achieved historic levels of success. Although the COVID-19 pandemic has hit many segments of the American economy hard, these departments’ numbers show that there is still plenty of good news out there.
In June, Indirect Lending processed and funded $26.4 million in applications, breaking its previous record, set in May 2018 — and then the department broke that new record in July, crossing $27.1 million. VP indirect lending Bruce Craker noted that the bank processed almost $63 million in marine and RV loans between May 25 and August 7.
“The recreational industry is a market segment that has seen strong business from families looking to relax together outdoors, brought on by the isolation many experienced due to COVID-19,” Bruce said, adding that it’s believed the trend will continue into the next season. He thanked the Underwriting and Loan Processing teams for the high volume of applications they’ve handled this summer.
On the mortgage side, North Shore Bank is having its best year in almost a decade, SVP consumer lending sales Mike Kellman said. VP and consumer lending manager Chris Boland attributed this in large part to “a low-rate environment coupled with significant housing demand and our strong team of mortgage professionals.”
“When rates dropped in March, we would usually be ramping up for the spring purchase market. Instead we saw significant refinance volume,” Chris said. “Our volume has kept up due to continued refinance activity, a resurgence of purchase activity, and rising new construction demand. We are forecasting an even bigger year next year.”
Both Bruce and Chris agreed that everyone at North Shore Bank can contribute to further success by committing to work as a team and making sure to have important conversations with customers.
“If we can help a customer early on, we are able to work with them from start to finish, which deepens the relationship we as a bank have with them and helps all of us grow together,” Chris said. “We are the Bank of You, and we want to be in this together with our customers.”