SANTA CLARA, Calif. – KeyPoint Credit Union is reporting it ended 2018 on a high note, with both consumer and commercial loan origination rising to an all-time high of $412.8 million.
KeyPoint said it 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,” said David Luu, chief lending officer of KeyPoint. “And the work has paid off –– with $147.6 million in mortgage loan originations in 2018.”
KeyPoint said it 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% compared to 19% for our peer group,” added 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, the credit union said.
“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,” said T. Bradford Canfield, president and 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.”