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Third Federal in Ohio to Expand Mortgage Offering to New States

SEP 4, 2014 4:57pm ET
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Cleveland's Third Federal Savings and Loan has started offering first-lien mortgage refinance and home equity line of credit loans in four new states, plus the District of Columbia.

The $11.7 billion-asset company said in a press release Thursday that it has expanded its mortgage product line to serve consumers in Massachusetts, Georgia, Indiana, Missouri and Washington, D.C.

The move is part of a growth strategy implemented by the company over the past three years. It has originated more than $1 billion in its new markets. It most recently added New York, Maryland, New Hampshire, Kentucky, New Jersey, Pennsylvania and California to the list of states outside of its home market.

It previously started originating loans in Connecticut, Colorado, Oregon, Virginia, Illinois, North Carolina, Tennessee and Washington. During the second quarter of 2014 loan originations from these new markets represented up to 37% of Third Federal's total mortgage and equity loan growth, according to the release.

The company has been originating mortgages in Ohio since 1938 and Florida since 2000, the two states where it operates retail banking branches.

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