Credit Unions Made a Big Splash at Realtors Annual Meeting
The American Credit Union Mortgage Association attended the convention for the sixth year, according to ACUMA CEO Robert Dorsa. Dorsa reported that due to an absence of other lenders at the meeting, credit unions are really standing out.
He said roughly 20,000 people were at the convention.
"Other than the major competitors, Wells Fargo, Chase and Bank of America, America's credit unions were the only lenders present," Dorsa reported from the meeting. "The America's Credit Union banner was our way of strutting our stuff when it comes to the role many of ACUMA's members are playing in current production levels. I even noticed several participants gazing at the banner almost in disbelief of the sheer number and volume of loans transacted in the first half of 2009, Dorsa recounted.
Credit unions have significantly increased their share of the mortgage market as other lenders retreated in the face of the current economic crisis.
Dorsa recounted how he had observed a conversation between Bill Tessier, vice president for Realtor Alliances with Navy FCU, and a Realtor. Tessier explained the opportunity for Realtors to become familiar with the local credit union players so they can introduce their buyers to that credit union.
"We have experienced great success with satisfied buyers financing their homes through some of the nation's leading credit unions. And we know Realtors make their living from referrals and satisfied buyers," Dorsa said. "This points out just one of the many benefits we realized as a result of our participation at this year's event."
Dorsa said the 2010 NAR Realtors Convention and Expo will be held in New Orleans, and ACUMA has already submitted their plans to participate again.