The top 25 mortgage lenders recently reported only 29,912 preapprovals resulted in mortgages used in a home purchase in 2012, according to data from the Federal Financial Institutions Examinations Council. That figure is down from 101,626 in 2007.
Preapprovals also accounted for just 4% of purchase mortgages originated by the lenders last year, down from 9% in 2007.
"Credit unions seldom receive gifts like this," said Bob Dorsa, president of the American Credit Union Mortgage Association. "We need to focus on differences between our brand of mortgage lending and that of big banks. While we need to review maintaining responsible criteria for issuing pre-approval letters, this gives us an opportunity to enhance the manner in which we assist borrowers and realtors as mortgage lending markets evolve."
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