Credit unions must get more involved with real estate agents if they wish to break past the 2% wall of mortgage penetration, and the American Credit Union Mortgage Association is trying to make that happen.
In addition to its own conference next month, ACUMA is gearing up to provide a credit union presence at the National Association of Realtors Conference the following month in New Orleans. ACUMA President Bob Dorsa said he believes having a credit union prescence at NARdiGras, Nov. 10-13, is the ideal place for CUs to introduce themselves on the national stage as players in the first mortgage arena.
"I've been trying to stir up credit unions to get involved with Realtors because they are the gateway to expanding home mortgage lending. They are usually the first contact for home-seekers and their recommendation for lenders carries a lot of weight. Can you imagine what effect it would have on the CU market share for first mortgages if the credit union world developed a meaningful relationship with realtor groups? It would be truly amazing," said Dorsa.
The problem is, credit unions just don't get it, he said. Dorsa noted he'd received minimal support from CUs, but noted that America First CU, Boeing CU, Prime Alliance, Meriwest Mortgage, Wright-Patt Financial Services and CMG Mortgage Insurance have stepped forward with support. ACUMA's own conference will take place at Caesars Palace in Las Vegas on Oct-8-10. "It's just too important a service sector for credit unions not to stay on top of," Dorsa said.
