Michael Bartlett's June 30 Credit Union Journal article, "Tales from the Wild (Mortgage) Side," nicely highlights credit unions and their mortgage strategies in low-inventory, high-priced housing markets. And while the characteristics of these hot markets may not be typical in other states, the methods these credit unions use to help members navigate the competitive buying process provide good examples for credit unions everywhere.
As your article shows, to be effective in today's mortgage market, credit unions need to be creative. No longer can they sit and wait until buyers are ready for a mortgage — the home-buying process starts much earlier and credit unions need to get involved from the start.
In aggressive housing markets like Seattle, Denver, Boston and much of California, credit unions are connecting with buyers early and often, and providing tools to help them compete for their dream homes. Among them: educational seminars, personalized products, quick approvals, discount programs and real estate agent networks.
These resources not only set credit unions apart from the other lenders, they help grow purchase mortgage volumes while building long-lasting, trusted member relationships.
Great lessons for every credit union to heed.
Sincerely,
Tina Powers
Chief Operating Officer
CU Realty Services, Inc.
