Read about new hires, promotions, retirements and board election results in the credit union industry.
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.
One example of this trend is the 162,000-member, $1.41 million UW Credit Union, headquartered in Madison, Wis.
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.
Low- and moderate-income members of the $1.2 billion UW Credit Union now have an additional option for getting a mortgage, one which might enable them to obtain a loan underwritten and sold by the credit union.