The Sounds Of Silence

COLORADO SPRINGS, Colo. - What are credit unions in some markets hearing and seeing from competing banks in response to the mortgage market slowdown? Not much, according to one CU here.

"We haven't heard 'boo' from the banks," said Bill Vogeney, SVP-chief lending officer with Ent FCU.

"What we can read in industry publications is everyone is pulling back dramatically," Vogeney continued. "We've talked to Realtors in the area, and we are having a phenomenal year in first mortgages because we are consistent and we have our own source of funding."

Allan Stevens of Franklin Mint FCU said FMFCU "really is not seeing a whole lot from other lenders. Perhaps there is direct mail or outbound telemarketing, but not a lot in public. Advertisements and promotions do not address the problems."