More Advice On Responding To Market

December 17, 2007, 1:00 a.m. EST 1 Min Read

DALLAS - Credit Union Journal asked FICS Mortgage Servicer Manager Matthew Perez to weigh in on how credit unions should be responding to the subprime mortgage debacle.

CU Journal: What trends have you seen this past year related to mortgages?

Perez: I have been noticing a higher influx of Bankruptcies and Foreclosures from our credit union customers who normally had a very low delinquency rating.

CUJ: What do you think credit union executives will see in 2008 (trends related to mortgages)?

Perez: I think that they will see an increase in foreclosure and bankruptcies and defaulted loans as a whole.

CUJ: How should they address/prepare for these trends?

Perez: They should ensure they have staff that is trained to handle bankruptcies and foreclosure loans.

CUJ: Anything else you’d like to add about trends in mortgages, future trends, how to address them, etc.

Perez: Keep in mind that all new mortgage products may not be tailor-made for all borrowers. Products created to increase volume may not be the best products for the borrowers. (c) 2007 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved. http://www.cujournal.com http://www.sourcemedia.com

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