A drop in refinancing activity, increased regulation and a sluggish market for purchase mortgages make 2014's first quarter discouraging.
ACUMA president says unprepared credit unions are in for a shock next year.
The top 25 mortgage lenders recently reported only 29,912 preapprovals resulted in mortgages used in a home purchase in 2012, according to data from the Federal Financial Institutions Examinations Council. That figure is down from 101,626 in 2007.
The National Association of Credit Union Service Organizations has put together its first-ever Mortgage Services Compensation Study.
Tim Segerson, deputy director in the NCUA’s Office of Examination and Insurance, told executives attending the American Credit Union Mortgage Association conference in Las Vegas Sept. 25 the agency continues to explore how credit unions can mitigate real estate loan risk.
ACUMA says declining use of mortgage preapprovals by banks is a gift to credit unions.
LAS VEGAS — Credit union executives attending the American Credit Union Mortgage Association’s 2013 conference received both good news and bad news.
Panel agrees continued involvement from credit union executives is essential.
Solution to come from use of many options, Segerson suggests.
LAS VEGAS — Annual loss of revenue to $11.5B credit union could increase if Federal Reserve rewrites rule, BECU exec tells ACUMA confab.