Callahan & Associates is urging credit unions to pushforward with housing finance programs and aim to write 20% of thenation's mortgage loans.

Credit unions wrote 8% of the nation's mortgage loans in the first quarter of2012, a new high. Callahan's suggested aiming to write 20% of thenation's mortgage loans by the year 2020.

“The window of opportunity is not going to stay openindefinitely. We should set our minds to our new goal and take thefirst steps now,” said Jay Johnson, the Washington-based consultancy's executive vicepresident.

According to Callahan, significant changes in the nation'shousing market have occurred since the start of the credit crisisin 2008 that present the industry with opportunities to helpre-shape the market, including:

• The uncertain future role of the government in mortgagelending.
• The ongoing development of housing finance reforms.
• The shutdown of the private mortgage securitizationmarket.
• Bank of America and Citi continuing to pull back from lendingand tightening correspondent channels.

“If credit unions do nothing, likely increases in mortgagemarket share will correspond with membership growth— but nothingmore,” the firm wrote in a report.

“If they seize the moment, however, credit unions can ensuremortgages uplift families rather than weigh them down. But it'sgoing to take imagination, industry collaboration, and significantsacrifice before credit unions achieve that meaty 20% marketshare,” the report said.