Some of the Tristate's largest mortgage lenders are reaping a harvest from Cincinnati's sizzling home-sales market.

        Those lenders are reporting brisk gains in mortgage volume as the Tristate housing market is on pace to post record-breaking results this year from the sale of previously owned homes.

        That — combined with consumers rushing to refinance homes to cut monthly payments as mortgage rates continue declining — is also helping mortgage lenders post strong results.

        The gains in home loans come as mortgage rates have fallen to their lowest level in two years.

        The average rate on a 30-year, fixed-rate mortgage was 7.03 percent as of Tuesday, according to the Cincinnati Area Board of Realtors. That's down from 8.14 percent a year ago.

        That means a big savings for consumers. The monthly payment on a $100,000 mortgage today is $76.22 lower than a year ago.

        Fifth Third, Cincinnati largest bank, expects mortgage orig inations to hit $1 billion this year, up from $500 million in 2000. The bank also attributes the growth to an expanded staff and aggressive sales in its mortgage unit.

        “It's been a tremendous year for us,” said Sandy Robertson, national sales manager of Fifth Third's mortgage unit.

        Third Federal Savings and Loan, the Cleveland-based lender that offers aggressive pricing to win business, says volume is booming.

        Snow Cimaglio, regional manager at Third Federal, said originations at the four-office Cincinnati unit are up 137 percent through July from a year ago and up 40 percent over 1999.
       

$105 million on tap for first-time buyers

               There is still $105 million in financing available to first-time home buyers for below-market rates to help buy homes.

        The money is part of $140 million the Ohio Housing Finance Agency offered last month to help individuals buy.

        Qualified home buyers will be able to choose between programs. One will offer mortgage financing at 6.1 percent, with the other at 6.4 percent with down-payment assistance.

        Financing will be available through 50 lenders with 400 offices statewide.

        Locally, those lenders include mortgage companies for Fifth Third, Firstar, Provident and Huntington as well as 25 other lenders.

        For more details, 1-888-643-2636.
       

Firstar banker Campanella retiring

               Longtime Cincinnati banker Joseph A. Campanella this month will trade his pinstriped suit to spend more time with family, travel and being helpful to others.

        Mr. Campanella, executive vice president of community banking at Firstar, will retire Aug. 31, ending his 36-year career.

        At Firstar since 1988, Mr. Campanella ran the bank's community banking unit and helped the predecessor to Cincinnati's Star Bank develop one of the nation's most highly regarded retail banks.

        Mr. Campanella, 59, was a member of Firstar's management team and has seen it grow from a $5 billion bank with branches mainly in the Tristate into $165 billion bank with offices in 24 states.

        Jeff McKinney covers banking for the Enquirer. Have news? Call him at 768-8499, e-mail at jmckinney@enquirer.com or fax 564-6991.
       

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