Four Steps to Gaining Homebuyers’ Business: Guest Opinion
With the recent mortgage refinance boom disappearing and home purchases continuing to flounder, even though rates remain relatively low consumers are being very careful with the home buying decisions—which makes this purchase an increasingly valuable commodity for the credit union. It's more important than ever credit unions ensure their members aren’t being swayed to another lender for long-term business.
According to a June 20, 2013, report from the Mortgage Bankers Association, the organization expects refinances in 2014 to drop by 60.1% to $388 billion, while purchase loan originations are projected to rise by 17.2% to $703 billion. This positive projection, however, is a double-edged sword for credit unions because a home loan is the number one product that could lure your members away from your credit union.