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 U.S. housing finance market may be poised for a historic shift away from a long trend of primarily refinancing existing real estate loans to primarily funding new real estate purchases.
The biggest obstacles to credit unions launching or growing a housing finance program are lack of staff, concerns about compliance and a lack of leadership from the highest executive levels, according to credit union executives and housing finance consultants.
Media sources report that Mark Zandi, chief economist at Moody's Analytics, is a lead contender to replace DeMarco.
Refinancing program had been scheduled to end at the end of 2013. Now gets two more years.
The American dream of home ownership may have taken a hit over the past few years, but GTE Financial in Tampa, Fla., still wants to build mortgage lending into its plans.
A much anticipated gift arrived during the holidays when third quarter data showed credit unions posted their strongest loan performance in history.
For the first time ever, credit unions originated more than 8% of all U.S. mortgages originated in any given three month period, Callahan and Associates announced in May. The previous record had been just over 5%.
Thanks to the real estate bubble and its aftermath in the Great Recession, housing finance has become an increasingly important driver for credit union membership, according to credit union executives around the country.