DENVER (7/14/15)--A breakout session presented by CUNA Mutual Group during the combined America’s Credit Union Conference and World Credit Union Conference Monday in Denver taught attendees how to expand their credit unions’ share of the mortgage market.
Chris Arenz, director of mortgage payment protection for CUNA Mutual, and Chrissy Busheme, vice president of mortgage services for Fairwinds CU, Orlando, Fla., relayed best practices for growing market share and illustrated how credit unions can leverage the mortgage experience to better connect with members.
“With available capital and a reputation for fair, members-first lending, our industry’s share of the mortgage market nearly quadrupled over the last seven years,” Arenz said. (See related story: Hampel tapped by NYT to discuss CU appeal for mortgage borrowers)
“It’s notable credit unions’ competitiveness in mortgage lending has continued to climb,” he added. “To continue to grow market share--and there is still a lot of room to grow--we will need to shift the focus and expertise in our mortgage departments from refinancing to purchase loans.”
Busheme presented five best practices in expanding a credit union’s share of the mortgage market, including to:
“There is no shortcut to expand on credit unions’ hard-fought share of the mortgage market,” Arenz said. “We must continue to define members’ expectations, develop the staff and systems to deliver on those expectations and strengthen our connections in the real estate community.”
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