Discovery: Mortgage CompetitorsEating CUs for Lunch
LAS VEGAS - (06/26/06) Credit unions across Americacombine to hold a mere 2% of mortgage loans, according to TracyJean Ashfield, president of Madison, Wis.-based consultancyStrategic Mortgage Solutions. Even factoring only members ofcredit unions, credit unions only have 6% of mortgages. That means94% of credit union members get their mortgages fromelsewhere, Ashfield told attendees of an educational sessionduring CUNA Mutual Groups Discovery conference hereThursday. Ashfield said CUs must make several changes to becomemore competitive in mortgage lending, including: doing a better jobof attracting likely first-time homebuyers, age 25 to 34; make theloan process easier for the growing number of people who sell homeswithout a Realtor; and offering more creative products, such asdiscounts for green (environmentally conscious)buildings. Credit unions must think of whatsimportant to the segment they serve, she advised.