Greater financial education, a greater variety of loan products and different lending strategies have all been techniques credit unions have begun to use to help borrowers meet more stringent housing finance requirements, according to executives from credit unions and mortgage CUSOs.
It has become something of an axiom in the current housing finance market that mortgage loan money has become more available and at lower interest rates but simultaneously more difficult to obtain as many consumers have seen their credit positions slide as a result of the economic slowdown. Nonetheless, credit unions should still employ all the tools they have to help their members into homes, industry experts said.
It's no great secret that mortgage requirements are tighter and money is harder for borrowers to get, said Bob Dorsa, executive director of the American Credit Union Mortgage Association, the credit union housing finance trade group. What credit unions have to do is to keep working to find ways to help their members qualify for the loans they need.
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