Charter Mortgage, the state's leading mortgage lender, reports that the number of New Mexico mortgage applications it received in January was up 81 percent from December.

Charter took applications for 708 mortgages from across the state in January, up from 391 applications in December, 2007. Applications were up 19 percent from January, 2007, when Charter received applications for 595 mortgages statewide.

Charter Executive Vice President of Mortgage Lending, Lyle Greenberg, said Charter expects to approve the vast majority of the applications it has received. Charter takes applications through its own loan officers, as well as through correspondent lenders and mortgage brokers.

"By having loan officers who are well trained in structuring mortgages that are good for both the lender and borrower -- and by continuing to work with a reliable and proven network of outside mortgage originators -- we've been able to keep the quality of our applications very high," Greenberg said.

Greenberg also credited a resilient local housing market for helping to drive the increase.

"We may not be seeing the double-digit price increases of a few years ago, but we continue to see housing values remain stable in our market, which makes it easier for us to make new loans," Greenberg said.

Approximately 65 percent of the applications taken for loans in January, 2007 were for refinance mortgages, as many borrowers sought to lock in low rates. The remaining 35 percent represents mortgages for purchases of new and existing homes.

Greenberg said a healthy housing market also helped Charter decrease the delinquency rate for the $3.8 billion in mortgages it services, from 5.03 percent of mortgages at the end of 2006, to 4.92 percent of mortgages at the end of 2007.

"We're pleased that we've been able to keep our delinquency rates below both the state and national averages. This is a solid indication that our markets are performing better than the weaker markets on which the national media tends to focus," Greenberg said.

About Charter

Locally owned and operated, Charter provides a diverse range of financial services, including retail banking, residential and commercial real estate lending and insurance.

Founded in 1976, Charter is the fifth largest financial institution in New Mexico and the state's leading home lender, with assets of more than $1.4 billion and branches in Santa Fe, Rio Rancho and Albuquerque.

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