Lawhead: CUs Should Pursue Real EstateLoans
LAS VEGAS - (10/13/05) -- Credit unions want to generate moreincome, and Bob Lawhead told attendees of the American Credit UnionMortgage Association (ACUMA) conference here Tuesday an excellentpossibility is available within their current membership rolls:mortgage and home equity loans. Lawhead, president and CEO ofOakbrook Terrace, Ill.-based consultancy Raddon Financial Group,said 66% of CU members are in the three consumer segments mostlikely to buy a house or obtain an equity product. Currently,mortgage companies are beating CUs for these three segments.Lawhead said this is because the mortgage companies are morefocused. "Credit unions have to sell more products. It is not justa good idea, they have to," he emphasized. "I wish credit unionswould be more focused."