"Frost was able to surpass that, with Modex data revealing that Frost posted $744.2 million in volume last year. It has been an incremental process because we created our mortgage lending system ourselves, rather than acquiring a mortgage operator or something similar."
"A central part of Frost's push has been its Progress Mortgage, a product designed to attract borrowers who have been priced out of the market. The loan offers up to 100% financing with no down payment, no private mortgage insurance and about $4,000 in closing-cost assistance for qualifying borrowers."
"Progress Mortgages are not a main source of income for us, but they're important to our customers here in Texas, where affordable housing is increasingly scarce due to rapid growth."
Frost Bank relaunched its mortgage arm with a goal of $500 million in mortgages by 2025, surpassing it with $744.2 million last year. The bank developed its mortgage lending system internally to align with its customer-centric culture, opting to service loans directly. The Progress Mortgage product offers up to 100% financing and closing-cost assistance for low- to moderate-income borrowers, aiming to expand homeownership access. This initiative is crucial in Texas, where affordable housing is limited due to rapid growth.
Read at www.housingwire.com
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