The 44,000-member, $540 million National Institutes of Health Federal Credit Union, headquartered in Rockville, Md., has been working to prepare its housing finance program for whatever the federal government may choose to do with the two giant mortgage entities Fannie Mae and Freddie Mac.
The prospect of credit unions building a stronger housing finance industry received some good news last week when a new CUSO, Mortgage Liquidity Solutions, announced its first sale of participations in CU-originated mortgage loans.
Major mortgage lenders appear to be continuing their strategic retreat from the U.S. housing finance market, leaving credit unions with a significant opportunity that they may not be willing or able to take.
Despite the U.S. housing finance market ongoing uncertainty, three credit union mortgage executives painted a largely positive outlook for 2012. Credit Union Times asked their thoughts on what the industry can expect as well as what the mortgage lending expectations in are in local markets.
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.
Almost 1,200 of the 19,000 real estate professionals attending the National Association of Realtors conference visited the America's Credit Unions booth.
Trade group asks the question as it joins in at the National Association of Realtors convention in Anaheim, Calif.
American Credit Union Mortgage Association and several credit unions to represent in Anaheim later this week.
A dispute over who owns the rights to the name of a long-standing credit union real estate institution appears to pit a mortgage consultant within one of the institution's chapters against the leading provider of private mortgage insurance for credit unions.
For what may be the first time ever, a credit union has become the biggest source of housing finance for a major metropolitan area in the U.S.