More Loans, New Office for Union Home Mortgage
CANFIELD, Ohio – Union Home Mortgage Corp. is having one of the best years in company history, reports Erik Cromer, manager of the office here. With more clients and more business, the mortgage company has moved into a larger office to accommodate growth.
“Due to both market presence and economic rebound, we’re in a good spot. Year-to-date we’re approximately at $22 million closed business,” he says. “Percentage wise, we’re at about a 23% increase year to date from last year.”
Union Home celebrated the grand opening of its new office, 5231 S. Canfield-Niles Road, Thursday. Before moving into the space a month ago, the 49-year-old company had been in Poland for six years.
Union Home specializes in residential mortgages, purchase loans and refinanced loans for primary residents, second homes and investment properties. Cromer, a Youngstown State University graduate with a decade of investment and banking industry experience, has noticed an uptick in the real estate and mortgage industry.
“We went through the Great Recession of 2008, so we had a lot of attrition and a lot of people exiting the industry,” he said. “Thankfully we’ve rebounded from that, so the business is good.”
Most clients coming to Union Home are in their late 20s, Cromer says, noting that many millennials are waiting longer to purchase their own home, but they are still searching for a home.
“Year-to-date, I would estimate we’re about 75 units closed this year,” he said. “Any time rates are low, the marketplace and people are conscious of that. They entertain buying sooner rather than later and we’re in a good spot with interest rate environment. They’re actually the lowest they have been in the past year and a half.”
Combined with high consumer confidence, Cromer said now is the time for prospective homebuyers to start shopping for mortgages.
“We’ve got aggressive rates and closing costs, but we strive on providing a high level of service, communication, execution and a lot of people are searching for advice,” he said. “You can find all information online, but people are unsure about what’s accurate and what’s not, so they come into the office and talk to an individual in the local marketplace.”
Cromer graduated from YSU in 2003 with a degree in finance.
“It’s exciting to have a business presence here” and be involved in the community, he said. “We do a lot of outreach with the Youngstown Columbiana Association of Realtors and we’re heavily involved in the local Special Olympics.”
Pictured: Celebrating the ribbon cutting for Union Home Mortgage’s new Canfield office are loan partner Rob Lane, loan officer Jerry Latronica, branch manager Erik Cromer, loan partner Deb Hunt and loan officer Jim Boots.
Copyright 2020 The Business Journal, Youngstown, Ohio.