LAS VEGAS -- Two Realtors and real estate consultants strongly encouraged credit union executives to expand their credit unions' role as mortgage lenders and offered practical tools to help them.
Sue Woodard, president of content and publishing for Mortgage Success Source, told CU mortgage leaders attending the 2010 American Credit Union Mortgage Association conference, that credit unions should move into the niche abandoned by previous mortgage originators.
"The market is transformed now from five years ago," Woodard said. "Eighty percent of your competition is gone!"
This market change has left many Realtors feeling orphaned as previous relationships with mortgage originators have been broken. And, many potential home buyers confused about who they can trust for their mortgage needs, often the biggest purchase in their lives. "Credit unions are uniquely situated to reach out to both groups," Woodard said. "You have emerged from this mess without the same black eye that so many others in the mortgage industry have."
Woodard explained a system she devised while she was a mortgage originator to find and start relationships with Realtors that bring her home buyers, noting that CUs could use the same system.
Terri Murphy, a former Realtor in Chicago and author and consultant, picked up on Woodard's presentation and explained to the executives how their credit unions can and should use social media and the Internet to build stronger relationships with Realtors and increase awareness of CUs' mortgage services.