Lawyer trust account parity bill would enable credit unions to compete, expand services.
From being able to compete with banks to assuring business members that their funds are insured, there could be several long-term benefits for credit unions if a bill involving insurance coverage becomes law.
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.
The key to building and developing a strong housing finance program may be for credit unions to define what it is that they are promising through their efforts and then making sure that commitment flows through the entire organization.
Conventional wisdom says mortgage-issuing credit unions, like the rest of the mortgage industry, will see a downturn this year.
The nation's fourth largest mortgage lender wants to forge lending relationships with credit unions.
CUSO Mortgage, a mortgage CUSO serving between 30 and 40 credit unions from a headquarters in Halpern, Maine, has used a series of promises to sharply increase the numbers of first mortgages it issues.
Credit union mortgage lenders came off a record breaking year in 2009, but industry executives fear 2010 may not see the same sorts of gains.
Credit unions wrote 5% of the nation's mortgages in the third quarter of 2009 and industry analysts anticipate a similarly high number for the year overall.