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Banking Financial District

FirstMortage reports 8% loan production growth in ’11

Bank executives Manuel Muchacho, vicepresident of marketing for FirstBank, Jay Casalduc, senior vice president and general manager of FirstMortgage, and Luis Medina, vicepresident of loan originations of FirstMortgage discuss the bank’s growth strategy and ad campaign.

FirstMortgage, FirstBank’s mortgage division, is following the strategic plan it laid out for itself last year to improve its market standing by focusing on three areas: customer service, streamlining procedures and improving efficiency in the loan origination and closing process.

So far, the approach has produced results, bank executives said Wednesday.

“As a result of this process, production had increased more than 8 percent over 2010. In the first quarter of 2012, we experienced a 73 percent growth in origination and a 44 percent increase in closures, when compared with the same period in 2011,”said Jay Casalduc, senior vice president and general manager of FirstMortgage.

In terms of service, FirstMortgage increased its capacity by integrating specialized personnel in every FirstBank branch. The staff is trained to provide customers guidance on various mortgage products available to purchase or refinance a home, as well as process cases and conduct closings.

The bank’s mortgage strategy also placed special emphasis on its new projects and FirstMortgage Realty Group divisions, for which staff was recruited to address financing needs and provide a full line of services to island realtors, he said.

On the customer side, FirstMortgage also renewed its partnership with CompraoAlquila.com, a local real estate web portal.

“By integrating processes, we give users the advantage of receiving services from the real estate industry and mortgage banking at their home or office, managed through a high-tech system where the consumer can advertise their properties, as well as sell or lease the property,” said Casalduc.

As part of its ongoing developments, FirstMortgage will launch a multimedia advertising campaign this week, depicting real-life situations consumers face when buying or refinancing a home.

Author Details
Author Details
Business reporter with 29 years of experience writing for weekly and daily newspapers, as well as trade publications in Puerto Rico. My list of former employers includes Caribbean Business, The San Juan Star, and the Puerto Rico Daily Sun, among others. My areas of expertise include telecommunications, technology, retail, agriculture, tourism, banking and most other segments of Puerto Rico’s economy.

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