HYANNIS, MASSACHUSETTS, June 13, 2011 – Joel G. Crowell, President of Cape Cod Cooperative Bank, announced that Liam Cahill has joined the bank as Assistant Vice President and Secondary Market Manager. “We are pleased to have Liam join us, he comes to us from a secondary market background with more than 17 years of experience in our industry,” said Mr. Crowell. “Liam is an excellent fit, he shares the Bank’s commitment to serving our customers and our communities well.”
Liam comes to the bank from a local Cape Cod bank where he held the position of Secondary Market Officer. Prior to that he held the position of Mortgage Loan Officer with another financial institution, his background includes underwriter/secondary market specialist as well.
The secondary market, which originated with the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation and the Government National Mortgage Association, provides a national market where residential mortgages are assembled into pools of loans for resale. This assures homebuyers will have an adequate supply of mortgage financing, as the secondary market sales lessen the possibility that a lending institution will become loaned up and cease making new loans.
Cape Cod Cooperative Bank’s mortgage lending department balances grew close to 7% over the past year and ended ahead of many peers. The bank’s strategy for this success was to invest in a larger originations work force and they expanded the number of towns served. The historically low interest rate environment along with the public’s unease with mortgage companies, combined to attract many to visit their local lender for their mortgage needs. The Bank was proactive in working with customers experiencing difficulty in making their existing mortgage payments and as a result saw foreclosure of loans in the single digits.
Liam supports the Salvation Army Overnights of Hospitality and he is an active volunteer with the United Way and the Cape Cod YMCA. Liam lives with his wife and children in Centerville where they enjoy all that the Cape has to offer.
Cape Cod Cooperative Bank is an independent, local, mutual community bank with over $602 million in assets. Established in 1921, it is headquartered in Hyannis with branches; on Route 6A in Yarmouth Port, East Dennis and West Barnstable; in Sandwich at 275 Cotuit Road; in Hyannis at 695 Attucks Lane in Independence Park, and in East Harwich at 1470 Orleans Road/Route 39.