DALLAS — The nationwide mortgage jitters marked by last week'scollapse of American Home Mortgage should demonstrate to creditunions the need to stick to basics and “partner with those youknow,” a major CU service vendor said this week.
|“We're all concerned and watching these developments veryclosely,” said Linda Clampitt, senior vice president of CU MembersMortgage, which has a $12.5 billion portfolio and services 750 CUs,leagues and CUSOs nationwide.
|Clampitt's comments came as the Dallas-based firm announced anew marketing agreement to handle servicing for the Association ofVermont Credit Unions. CU Members said the Vermont pact is similarto one signed last year with the Louisiana Credit Union League.
|“While what has happened has made many nervous, on the otherhand this provides a tremendous opportunity for credit unions toreally grow their portfolios since they know how to do itcorrectly,” said Clampitt. “Credit unions are stuck at 2% of marketshare but this can really be a positive development for us since wedo play a pivotal role in trying to clam the fears of ourmembers.”
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