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Key Steps to Mortgage Success for Credit Unions

There are five key elements that CU management should focus on in order to create a thriving home finance business.

By Jeff Shood | August 23, 2019 at 09:00 AM
Mortgage application. Mortgage application. (Source: Shutterstock)

Credit unions that successfully take hold of home lending business have huge potential for growth. In order to succeed, credit unions must do what many other lenders have failed to effectively deliver: Provide an excellent borrower experience. Customers have been ranking their mortgage loan experiences low in satisfaction, largely due to poor customer service. Credit unions can do better.

Yet, while credit unions have always been renowned for excellent member service, less than 10% of the mortgage loans written each year are sold by credit unions, according to CUNA and the Mortgage Bankers Association. Certainly, there is much to be gained for credit unions not only willing to pursue the mortgage market, but to also process these loans in-house rather than outsourcing them, and owning that member relationship.

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