Trustco Bank has been one of the top residential mortgage lenders in its markets for decades, including leading all mortgage lenders in origination volume in both 2010 and 2011 in the Capital Region of New York State. Trustco’s success in the business is rooted in a handful of key beliefs, all of which are based on providing its customers with the financial products they need, in the most convenient manner possible and at a highly competitive cost. This business model works much like the Bank’s deposit business, which is built around the 86 branch network covering the Hudson Valley and Capital Regions, with $3.1 billion in deposits.
In the mortgage business, Trustco focuses on providing consumers with a broad range of first and second mortgage products ranging from its popular 30-year, fixed rate first mortgage loans, to a selection of second mortgage loans and lines of credit. The Bank keeps all of its mortgages in its own portfolio, meaning that the customer knows that any questions about their loan can be answered locally, via a phone call or by stopping by the nearest Trustco branch. Trustco has been helping people finance homes for over 100 years, and has structured its core mortgage to provide consumers with low costs and increased flexibility. Trustco’s mortgage closing costs are routinely among the best in the area. For example, since the bank does not require escrow of tax payments, borrowers do not need to pre-fund the escrow at the time the mortgage closes. In addition, the core mortgage product, with a 10% down payment, does not require private mortgage insurance (PMI), providing a significant potential savings for many borrowers. To apply for a mortgage at Trustco, customers can go into any branch. A full list of branches can be found at the Company’s website at www.trustcobank.com. Also available on the website is detailed information on the various loan options available.
Recently, Trustco has found many customers concerned with the real estate market have been electing to renovate their existing home, or perhaps put on an addition instead of purchasing a new home. The bank has long been a major lender for these types of projects, and offers a number of different options for second mortgage loans or lines of credit.
Trustco’s long term focus on traditional mortgages has proven to be a winning strategy for the bank, and for its customers. The bank has continued to report profits during the economic turmoil of recent years, while many of the companies that pushed more aggressive mortgage products have failed, or been bailed out by taxpayers. The focus on its core business, along with a solid capital base and strong liquidity has allowed the bank to continue to provide mortgage loans when many other lenders disappeared.
Trustco expects 2013 to be another strong year as a leading mortgage source in the Hudson Valley and Capital Region.