LAS VEGAS — The economic downturn has forced many credit unions to take a more "real world" approach to their mortgage lending, one that recognizes that the mortgage lending story includes more than loan origination, two credit union mortgage lenders said.
"Everyone wants to be in on the first part of the story, where we originate loans that help happy homebuyers get the homes they want," George Shipman, vice president of real estate lending for the $1 billion California Credit Union, told CU mortgage executives attending a break out session of the American Credit Union Mortgage Association's annual conference. "But this session is about what happens on the other side, when those loans sometimes run into trouble or even go bad. That's part of the mortgage lending story, too."
Shipman, who described his Glendale, Calif.-based credit union as being in one of the states worst hit by the mortgage crisis and economic downturn, was joined in his break out presentation by Robin Simmons, an assistant vice president of lending at the at the $3 billion Desert Schools Federal Credit Union, headquartered in Phoenix.
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