Credit unions absolutely can and should make mortgage loans, according to a longtime CU executive, but in order to do so they need to get serious about the product.
Mark Willer, chief operations officer with the $1 billion Royal Credit Union headquartered in Eau Claire, Wis., explained that Royal has been offering mortgage loans for the last 30 years but "seriously" only for the last 15.
"Prior to 15 years ago, we would offer mortgages but really we were just dabbling in them," Willer said. "We would offer mortgages for our best members, but we really didn't market them or take on a professional air about them or really reach out to Realtors to try to attract purchase money. Our attitude was that if an employee could help a member open a checking account or take out a car loan, they could also serve as a mortgage officer and that just wasn't working."
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