Mortgage CUSO connects members to Realtors and keeps credit unions in the purchase loop.
Credit unions and other housing finance lenders face an economic pinch as rising interest rates squash demand for refinanced mortgage loans while demand for purchase money loans still struggles to grow.
The U.S. housing finance market may be poised for a historic shift away from a long trend of primarily refinancing existing real estate loans to primarily funding new real estate purchases.
CU Realty Services, the housing finance CUSO that seeks to make credit union central to their members real estate purchasing experiences, announced it has signed on two more credit unions.
CU/America plans to actively promote CU Realty Services and its benefits to its credit unions, as well as others across the state.
CU Realty CEO Mike Corn said the improving housing market and growing name recognition have helped the CUSO grow its business.
White paper from CU Realty Services seeks to reassure credit unions about working with Realtors to build purchase money loan business.
Credit unions may have their best opportunity ever to boost the portion of mortgage loans that actually go to purchase homes as opposed to loans that refinance previous notes.
Partners FCU partners with CU Realty Services to help accommodate mortgage lending services to members.
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.