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Will CUs Seize the Opportunity?

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.

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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.

Major lenders pulling back from their mortgage operations is not particularly new. Bank of America cut its share of the U.S. mortgage market to roughly 8.5% last October when it shut down its correspondent mortgage lending program with smaller banks. Then it and other mortgage lenders made news when they laid off significant numbers of their leading loan officers and processors.

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