USDA Rural Development Names Top Lender

Agency announces top lenders in the agency's guaranteed housing loan program.

Mark Reisinger, USDA Rural Development State Director in Iowa, on January 15 recognized the most active lenders during the past year in Rural Development's guaranteed housing loan program.

"Rural Development is very pleased at the success we have had over the past year in helping Iowans become homeowners," says Reisinger. "The partnerships we have with lenders all over Iowa are critical to our ability to reach this level of success. We are looking forward to continuing these relationships and making 2008 even more productive."

Through partnerships with lenders across Iowa, Rural Development helped 820 Iowa families purchase homes in 2007. The agency did this by guaranteeing $62.6 million in loans made by private lenders to low and moderate income home buyers across the state.

Top loan originators listed

Rural Development recognizes the top five loan-originating lenders in Iowa who participated in the agency's guaranteed loan program in 2007. These lenders worked directly with residents to initiate home loans in rural Iowa.

* Northwest Federal Savings Bank (Estherville, Humboldt, Spencer and Storm
Lake) - 56 loans totaling $3,755,127
* United Bank of Iowa (Carroll, Denison, Ida Grove, Lake City, Rockwell City and Storm Lake) - 50 loans totaling $3,001,554
* Wells Fargo (statewide) - 42 loans totaling $3,856,557
* Farmers Trust & Savings (Spencer) - 36 loans totaling $2,659,455
* American State Bank (Alvord, Hull and Sioux Center) - 32 loans totaling $2,933,345
* Gold Key Mortgage (Storm Lake) - 32 loans totaling $2,298,742

Top loan writers in Iowa

Rural Development recognizes the top five loan-writing lenders in Iowa who participated in the guaranteed loan program in 2007. These lenders provided mortgage services, from processing to closing, for rural Iowans

purchasing home loans via local lenders last year.

* Iowa Bankers Mortgage Corporation (statewide) - 81 loans totaling $5,192,832
* JP Morgan Chase Bank, N.A. (statewide) - 73 loans totaling $5,619,235
* Northwest Federal Savings Bank (Estherville, Humboldt, Spencer and Storm
Lake) - 56 loans totaling $3,755,127
* United Bank of Iowa (Carroll, Denison, Ida Grove, Lake City, Rockwell City and Storm Lake) - 50 loans totaling $3,001,554
* Wells Fargo (statewide) - 43 loans totaling $3,924,529

"Guaranteed lending is one of the most valuable services offered by USDA Rural Development," he says. "How it works is rather simple. There are many benefits to all participants including borrowers, lenders and even local communities."

With guaranteed lending, a loan is made to a borrower following the same basic steps as a conventional loan. Rural Development then agrees to reduce the loss the lender may have if the borrower falls short on their commitment.

Contact USDA Rural Development

USDA Rural Development has 11 offices across the state serving the 1.9 million Iowans living in rural communities. Office locations include a state office in Des Moines, along with area offices in Albia, Atlantic, Humboldt, Indianola, Iowa Falls, LeMars, Mount Pleasant, Storm Lake, Tipton and Waverly.

Further information on this and other programs offered by USDA Rural Development is available by calling their office in Des Moines at 515-284-4663 or by visiting the agency's Web site at www.rurdev.usda.gov/ia.  

USDA Rural Development's mission is to deliver programs in a way that will support increasing economic opportunity and improve the quality of life of rural residents. As a venture capital entity, Rural Development provides equity and technical assistance to finance and foster growth in homeownership, business development, and critical community and technology infrastructure.

Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish