Mortgages: CUSOs Help CUs Reach New Heights
Credit unions smashed through a previous record in the first-quarter 2012 when they originated 8% of all mortgages made in the U.S. Now there are signs that their success represents more of a sustainable trend than a mere statistical anomaly.
“I definitely think it’s more than a flash in a pan,” said Scott Toler, CEO of the Credit Union Mortgage Association, a housing finance CUSO headquartered in Fairfax, Va. “I think it’s the result of more credit unions waking up to the importance of housing finance and finding the confidence to start offering mortgages to their members.”
“We’re pleased to offer the CU Realty program because it will help increase Belvoir Federal’s mortgage market share because it puts the credit union at the start of the home-buying or selling process,” said Tisha Wallace, chief operating officer for the $290 million Belvoir Federal Credit Union. “Even more, CU Realty is designed to save members some 20% in agent commissions.”
Wallace added that the program would also help Belvoir confront what has become a perennial problem for many credit unions that offer housing finance: how to let members know that mortgage loans are available.