Major mortgage lenders appear to be continuing their strategic retreat from the U.S. housing finance market, leaving credit unions with a significant opportunity that they may not be willing or able to take.
Existing home sales increased 4% in November, every region reported positive sales growth and year-over-year sales were up in all four regions, trade group says.
Trade group asks the question as it joins in at the National Association of Realtors convention in Anaheim, Calif.
American Credit Union Mortgage Association and several credit unions to represent in Anaheim later this week.
National Association of Realtors data shows closed sales drop from August to September but up from year ago.
In another sign of the sluggish economy, existing home sales fell 3.5% in July from the month before, the National Association of Realtors said Thursday.
The average rate on a 30-year mortgage was 4.32% this week, compared with 4.39% last week, Freddie Mac said Thursday.
The battle over what sorts of mortgages will eventually qualify as qualified residential mortgages got bumped up a notch last month when a mid-year Realtors meeting came out strongly against the current proposed definition.
The Mortgage Bankers Association has argued before Congress that the proposed definition of qualified residential mortgages will wind up forcing more borrowers into using government-backed loans.
A new study released by the National Association of Realtors suggested that CUs should consider marketing real estate they might hold on their books to buyers from overseas.