SPRINGBORO — The Dayton area’s largest credit union and one of its largest real estate firms will form a joint venture on a mortgage company.
Wright-Patt Credit Union and Irongate Inc. Realtors made the announcement Friday at Irongate’s Springboro office on East Central Avenue.
Leaders of both organizations said the deal benefits the local community because Irongate clients who choose Wright-Patt for their mortgage will get local loan servicing.
Wright-Patt’s loan originators can send the loan package to a local underwriter to evaluate the risk of the loan, which speeds up processing and response times, said Steve Brown, co-owner of Centerville-based Irongate.
“The more houses we can help put people in generate more commerce in the community,” Brown said.
This is the first partnership of its type for Wright-Patt, which could generate more home loan business for the credit union, said Doug Fecher, president and chief executive officer of the Fairborn organization. The credit union’s deposits are invested back in the Dayton community, he said.
“Both organizations basically stand for the development and growth of this community, which is why this partnership makes sense,” Fecher said. Irongate previously partnered on home loan financing with Wells Fargo under the same name of Southern Ohio Mortgage. Wright-Patt loan originators will work on site at each of Irongate’s six offices throughout the Dayton area. Two loan originators have been hired so far, said Tim Mislansky, chief lending officer of Wright-Patt.
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