Temporary Suspension of NEW Mortgage Applications
Due to a massive surge in volumes, Osgood State Bank has temporarily suspended accepting new mortgage applications for purchases or refinancing.
This is to ensure that we meet regulatory compliance standards and achieve acceptable turn-times for customers with loans currently in process. This change applies to only new applications that are submitted on or after 3/18/2020 at 1 pm. Again, we will process all applications that were submitted prior to 3/18/2020 at 1 pm.
We are taking this step to ensure that we can adequately service our existing customers AND those applications currently in process. We are living through a very unique time in history as interest rates have fallen faster than ever before. Consequently, this has increased mortgage applications to unprecedented levels for the entire banking history. Simply put, we do not want to sacrifice:
- Your customer experience or;
- Our compliance standards by accepting more applications than we currently have capacity to process.
We will start accepting applications again once our volumes return to a level that will not compromise our commitment to speed or service. Please check back with us in 10-14 days should you still wish to apply at a later date.
Thank you for your patience and understanding as we all work together through this challenging time.