USA Mortgage Surpasses Lending Record by $72M

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With interest rates at historical lows and a housing market boom, USA Mortgage has had a record year. Regional manager Steve Kitrel said the firm processed a large number of refinances as well as new home purchases. The company was expected to top $160 million in closed loan volume and instead ended up at $212 million. Kitrel says the previous record was $140 million.

When asked to what he attributed this housing market boom, Kitrel cited the lowering of interest rates and something less tangible. “I think that COVID made people realize that we don’t control as much as we think we do,” said Kitrel. “People who were on the fence about moving or buying their dream home, just went for it. It changed a lot of peoples’ mentality.”

To keep up with the breakneck pace of the housing market during COVID-19 has been a challenge for companies across all industries but Kitrel says USA Mortgage was poised to handle the current volume long before the pandemic. Besides employing the latest technology, including a mobile app through which users can apply for loans and upload documents, USA Mortgage already had a hybrid working model in place so employees could work remotely. He said that sharp pivot and sense of unknown that hit many companies at the onset of the pandemic was much less of a blow for the team at USA Mortgage. “That ability to be efficient without having to be face-to-face was already there and that helped us and our clients so much.”

Kitrel mentioned that the only major issue has been the fact that demand cannot keep up with supply. “[Housing] inventory has been our biggest challenge. We have pre-approved borrowers lining up.” There are multiple offers for each house and most sell for well over list price.” He said some prospective buyers have even gone so far as to buy dinner and other gifts to entice sellers to accept their offer. He expects supply could catch up with demand now that the weather is nice enough for more construction to take place.

Kitrel is quick to mention that his team deserves all the credit for the company’s continued growth and success. “I’m just the support person. We have a group that is very good when they face adversity. I can’t even put into words how proud I am of them.”

USA Mortgage is a full-service nationwide bank and controls all aspects of the loan, from application and underwriting, to closing and funding. This ability, along with a large investor portfolio allows USA Mortgage the luxury of offering mortgage programs to fit clients’ needs in any climate. The Kitrel Region consists of offices in Joplin, Springfield, Nixa, Branson, Kansas City and Rapid City, South Dakota.

USA Mortgage

3100 S. National, Ste. 201
Springfield, MO 65807