3.) A golden opportunity to reach out to a community and all of its professional players–realtors, accountants, business owners; and

4.) An efficient means by which the credit union could achieve its income and balance sheet goals.

The task at hand is for credit unions to provide affordable mortgage programs to members–both existing and new–that are consistent with other credit union service expectations. This encompasses thorough and trustworthy information, one-on-one counseling, financial value in the form of competitive rates, fees and terms, and a wide breadth of loan choices. The loan options should sufficiently meet today's homeownership challenges–low down payment funds, tight debt to income ratios and imperfect credit profiles.

Credit unions are uniquely qualified to help more Americans realize their dream of affordable homeownership. We know our members–and oftentimes, their families. We could take certain risks by holding select loans in portfolio rather than divert them to other lenders or sub-prime products.

Consider the needs of those Americans whose ARMs are re-pricing in 2007. Many were first-time homebuyers in the last few years. Studies show that 43% of all first time homebuyers in 2004 obtained 100% financing. Of all mortgages closed in 2004 and 2005, over 30% were structured as adjustable rate loans. A significant portion of those loans, depending on the region and borrower profile, was interest-only and payment-option ARMs.

This data is all noteworthy because it paints a picture of an army of people who definitely need the integrity and guidance of a good credit union, with a good mortgage program. With little equity and a lot of payment uncertainty, these members are anticipating large payment adjustments in a rising interest rate environment with home values that are most likely stagnant and not gaining them additional ownership interest in their property.

Enter the credit union. Imagine a marketing campaign that clearly tells your members and your potential membership (perhaps your whole community), that the credit union understands their needs and has the right solution. The message needs to be very clear. Communicate the details of your offering in a manner that is easily digested and indicates that this is the only place they need to go to get out of the situation in which they now find themselves. Talk about your competitive rates and fees. Focus on the counseling and information that you will provide them. Speak of the standard credit union values–good service, personal attention, "not for profit, not for charity, but for service"–that are embedded in all of your products.

The return to the credit union could be enormous for all of the reasons that you suspect: increased income on both the sale and retention of mortgages; a high value asset with low default rates (if kept in your portfolio); balance sheet enhancement; greater share of the members' wallet; and higher profitability per member when the member has a mortgage with the credit union.

Evaluate your credit union's financial perspective and understanding of mortgages. Don't be afraid to invest in this program to attract more loans, as long as you are realizing a positive return. I've seen some credit unions take a great response from the members and waste it away with fees that are too high, based on per-loan income expectations that are unrealistic. Then again, I've seen credit unions with a program that beats any local competitor by a mile, only to have no response because it was not promoted well to the members.

Take advantage of those trillion reasons to be an excellent mortgage lender this year. Positioned appropriately, it could have a great positive impact on your credit union and your members. The core mission of credit unions is perfectly consistent with the concept of delivering more affordable home ownership to more Americans. We have a shot at making our mark on the mortgage industry as a collective voice.