LAS VEGAS — CEO panel tells ACUMA attendees that credit unions have broken through on mortgage lending.
LAS VEGAS — This year's conference focusing more on the marketing of housing finance programs and less on the nuts and bolts.
HMDA data suggests that credit unions continue to grow in the home finance market, the American Credit Union Mortgage Association says.
Executives from different parts of the credit union industry are hard at work to build credit unions’ share of the U.S. mortgage market even higher than the record 8% that credit union’s achieved in the first quarter of this year.
A CUSO that helps credit unions increase the number of purchase money mortgages has urged credit unions to consider housing finance less as the marketing of loan products and more as creating a leading sales channel.
Getting to 8% of the U.S. mortgage market has been a long time in the making–a virtual overnight success after almost four decades of hard work by tens of thousands of truly special credit union staffers.
After 11 years as a leading mortgage CUSO, Prime Alliance has been sold to become a subsidiary of Mortgage Cadence, a mortgage technology firm with a similar approach and some credit union clients. As a subsidiary of Mortgage Cadence, the firm will no longer remain a CUSO.
Prime Alliance sale ends 11 years as CUSO, adds capital to growth and upgrades. Find out more in this preview from next week's print edition.
Credit unions that want to remain competitive in housing finance over the next decade will likely have to confront the issue of how to add technology to their mortgage loan origination systems.
For the first time ever, credit unions have originated more than 8% of U.S. mortgages originated in any given three month period, according to an analyst with Callahan and Associates.