The biggest obstacles to credit unions launching or growing a housing finance program are lack of staff, concerns about compliance and a lack of leadership from the highest executive levels, according to credit union executives and housing finance consultants.
Two credit unions, NASA Federal Credit Union and Navy Federal Credit Union, are offering members mortgages without requiring any down payment or mortgage insurance.
Navy Federal, NASA FCU have different philosophies, same approach to dealing with risk from mortgage loans with no down payments.
For the first time ever, credit unions originated more than 8% of all U.S. mortgages originated in any given three month period, Callahan and Associates announced in May. The previous record had been just over 5%.
Record mortgage volume at largest credit union.