LAS VEGAS — Bob Dorsa, CEO of the American Credit Union Mortgage Association sees the potential irony in holding a mortgage conference in Las Vegas, one of the leading foreclosure cities in the U.S.
But he also sees the site as an excellent setting for, he hopes, a strong burst of growth in credit union mortgage lending.
"The big news so far in CU mortgages is our growth in market share during this rush to refinance," Dorsa said prior to the conferences opening reception. "Now the challenge we face is to keep that growth going as we move from mostly refinancing into more mortgages for new purchasers."
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Dorsa explained that additional uncertainties about new home purchases, including the role of real estate agents, have made it more difficult for credit unions to break into the mortgage market for those buying homes.
"Too many realtors don't know credit unions and there are a lot of myths about credit unions," Dorsa said. "They don't realize about community charters or that credit unions are willing to put in the time and effort to make these mortgages," he said. But he added that credit union's focus on serving their members and attention to detail are gradually winning over more real estate professionals who are very concerned about closing their real estate deals with delays.
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