As morning shifted toward lunch, speakers Patricia Claproth from FreddieMac and Sean Moss from Down Payment Resource discussed the products from their respective companies, focusing on the Home Possible loan from Freddie Mac and the thousands of resources available for borrowers through Down Payment Resource. When polling the room, it was clear that those using FreddieMac were also utilizing some of the benefits of the Home Possible program, but Claproth was able to clear up some common misconceptions and explain the qualifications to make the program available to as many borrowers as possible. Less-widely utilized was any type of down payment assistance program, which could mean the difference in turning home searchers into homebuyers. Moss brought in his analysis of assistance available for Oregon and Washington borrowers, showing stats on 67 and 93 programs respectively. Since down payment offerings help with not only the needed cash to close, but also LTV and DTI issues, the number of potential borrowers who would otherwise qualify with one of these products could open up the market for those credit unions looking to increase their originations.

One of the most interesting speakers of the day was Lori Mason Curran, real estate investment strategy director at Vulcan Real Estate. She held the room in rapt attention over a working lunch, providing information and photos of properties and buildings revitalized over the past decade in South Lake Union, located in the Seattle area. The theme of urban revitalization through inclusive development on these large projects was not only impressive and fascinating, but also provided a good message to be scaled to the size of current projects for any credit union.

As the afternoon began to wind down, there were still two informative sessions to attend. Marty Kooistra, executive director at the Housing Development Consortium of Seattle-King County, brought an outside view of Seattle's housing crisis specifically and how it compares to the affordable housing crisis nationally. Knowing that this issue is not just affecting credit unions in the Seattle area, but in locations throughout the Pacific Northwest, allowed conversation on potential solutions and visibility into what the future may bring. Wrapping up the session was a panel discussion: Keeping Credit Unions Relevant in a Purchase Market. The panelists – Maria Vergara (president, NAHREP Consulting Services), Rick Bialobrzeski (EVP, Greenpath Financial Wellness), Eben Sheaffer (CFO and chief information officer, National Federation of Community Developed Credit Unions) and Keith Hile (senior loan officer, Seattle Credit Union) – were moderated by Garcia-Velez. By hearing specifics on what each organization is doing to bring homeownership opportunities to their specific market, the day was well-rounded in content and real-world application. Driving home the theme of the day, which nearly every speaker touched on, the panel honed in on the importance of bringing knowledge, education and products specific to the communities that each credit union lives in.

This was the first year for the single day summit. Since ACUMA Workshops are held in North Carolina and Minnesota this year, these credit union partners (ARC, MGIC and CU Realty Services) felt it was imperative to bring relevant topics and speakers to the Pacific Northwest, and also give local industry leaders an opportunity to collaborate. Based on feedback from guests and presenters alike, attending this yearly summit can be a great opportunity to help your credit union remain relevant and competitive in the mortgage space for years to come.

Crystal Rustad

Crystal Rustad is a Regional Account Executive for American Reporting Company. She can be reached at [email protected].