Nearly a week after Bank Transfer Day, the American Credit Union Mortgage Association is wondering will credit unions have a stronger presence with Realtors.
ACUMA said since the 2008 housing crash, as many of the nation's homeowners have struggled with home values and loans, the country’s credit unions “have quietly and consistently gained share in the home loan market.” Much of those gains have been realized in refinance loans, ACUMA noted.
“Credit unions have stayed the course, conducted their business affairs truly in the best interest of their members, even when the temptation of huge profits were being reported by many other lenders,” said ACUMA Chairman Bob McKay.
Pointing out the number of new accounts the industry opened on Bank Transfer Day, ACUMA asked “[will] Realtors pay more attention to credit unions as viable mortgage lenders in the wake to millions of consumers transferring their funds from banks to credit unions?”
The group pointed to several opportunities that may aid credit unions in building their mortgage presences including the revised Home Affordable Refinance Program, which pertains to existing loans held by Fannie Mae and Freddie Mac.
While details of the changes are set to be released over the next few weeks, ACUMA said expanding HARP to borrowers who are more than 25% underwater and increasing the current 125% loan to value HARP threshold may be among the changes.
McKay said because credit unions have remained on track with their mortgage programs, “the reward for maintaining our high level of professionalism and trust may now expand our ability to serve many more homeowners for refinance and purchase money loans in the future.”