The Rundown

  • Mortgages are driving membership growth.
  • Low interest rates, credit union reputation behind thesurge.
  • Mortgages serving as an anchor product for other productsand services.

Thanks to the real estate bubble and its aftermath in the GreatRecession, housing finance has become an increasingly importantdriver for credit union membership, according to credit unionexecutives around the country.

While for most of the last 40 years, higher interest savingsaccounts and certificates of deposit, combined with lower interestchecking accounts and auto loans have been the most common reasonsconsumers have joined credit unions, some say more people arebecoming members to either finance a home purchase or refinance anexisting mortgage.

They are doing so even though some credit unions have still notmade mortgage lending a higher priority in their overall membershipmarketing.

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