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 $218 million City Credit Union has painted an entire wall in its headquarters to help promote its mortgage program.
The changing requirements for mortgage issuing have led CU Members Mortgage, one of the leading mortgage issuing firms with credit union partners, to restructure its operations.
Many credit unions remain trapped between rising consumer and member demand for mortgages backed by the FHA and HUD regulations governing those loans.
CU Members Mortgage, a lending mortgage vendor serving CUs, is touting its 2010 growth as bucking a very poor economic year that also carried a greater regulatory burden than usual.