UW Credit Union Mortgages Win Over Madison
For what may be the first time ever, a credit union has become the biggest source of housing finance for a major metropolitan area in the U.S.
According to data collected by the Federal Financial Institutions Examination Council, more home purchasers in the Madison, Wis., area chose the UW Credit Union to finance their home loans than any other lender in 2010.
Stepping up the CU's participation in FHA and VA lending was also important, according to Kundert, both because having a full range of tools available helped make the housing finance program comprehensive and because it positioned the credit union for the expansion in VA and FHA lending that came with the economic downturn.
Educating members about the housing finance process and how to prepare for it, as well as prequalifying them, Kundert said, gave the CU a steady pool of members who are both linked to the CU and who are ready to make a home buying decision, even if most of them don't make one in any given year.