A new white paper outlines why and how credit unions can thrive in the home finance business. In “The Keys to Credit Union Success in Mortgage,” Intuvo details how credit unions can win more mortgage business and outlines the key benefits of a strong mortgage lending program.
Credit unions that continually explore new areas of loan growth realize the potential revenue and benefits offered by additional products. In the case of home mortgage loans, there are significant long-term member relationship opportunities, which would serve both to meet member needs and increase credit union profitability.
The new White Paper says, “According to data from Mortgage Daily and cited by MagnifyMoney.com, credit unions originated less than 10 percent of the mortgage loans sold to homeowners and new buyers in 2017. With Freddie Mac predicting $1.75 trillion in new mortgage originations for 2018, that’s a lot of opportunity CUs are leaving on the table. Even worse, statistics show that only 5 percent or less of the typical credit union’s membership has a mortgage with them. This means that millions of credit union members are going outside of their own institution to get the home financing they need.”
For additional details, read Intuvo’s White Paper, The Keys to Credit Union Success in Mortgage.