On-Site Coverage: Flexibility and Singularity Called Keys at ACUMA Workshop
WASHINGTON — Credit unions seeking to write more mortgage loans should focus on lending more for their own portfolios, streamlining and speeding up their mortgage underwriting process and reaching out more comprehensively to Realtors.
And they should try to accomplish these changes while also enduring one of the most confusing regulatory environment in history.
But as almost all of the meeting's attendees had already started mortgage programs, much of the discussion focused on how the mortgage market has changed since the residential finance crisis and subsequent economic downturn.
Thomas Popik, a research director with Campbell Research and Inside Mortgage Finance, presented data that described how sharply things had changed in mortgage lending.
Terri Murphy, president of Terri Murphy Communications and a Realtor, led the workshop through exercises designed to help participants understand the different ways their mortgage programs needed to change in order to be ready for the different types of members they will need to serve.
Examples included ways to use social media to provide greater transparency about both the mortgage product itself and the mortgage underwriting process.