LAS VEGAS — Credit unions shifting housing finance programs from refinancing to originating new loans will face significant turnover, consultant says.
CU Members Mortgage says it expects most ever to attend its July confab in Dallas.
Credit unions facing a lack of available and affordable mortgage loan professionals should not look for the staffing challenge to ease anytime soon, according to housing finance executives and consultants.
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.
Credit union says first quarter continues record pace and that 100% financing program performance stays strong.
Despite what almost everyone agrees is the deep importance of the topic, credit unions have become largely ambivalent about reforming the secondary mortgage market and uncertain about potentially disrupting a system which seems to be working well, according to executives with credit union organizations familiar with the issue.
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.
It seems likely that 2013 will contain two distinct aspects for credit union mortgage programs. On the one hand, it seems certain that credit unions will continue to take a greater share of the overall mortgage market.
Greater market share, Fannie and Freddie reform lie ahead for credit union mortgage makers.
Thanks to the real estate bubble and its aftermath in the Great Recession, housing finance has become an increasingly important driver for credit union membership, according to credit union executives around the country.