CUNA witness Tim Mislansky stressed to the Senate Banking Committee Thursday the need for credit union access to a functioning, well-regulated secondary mortgage market and a system that will accommodate member demand for long-term fixed-rate mortgage products. Mislansky testified before the committee as part of a hearing examining housing finance reform.
“Credit union represent an increasingly significant source of mortgage credit nationally. In 2016, credit unions originated over $140 billion in first mortgages, or 8 percent of the total market,” Mislansky said. “It’s clear that consumers are choosing locally-owned and operated credit unions more and more to be their mortgage lenders, and as Congress considers housing finance reform, it is critical that credit unions have equitable access to a functioning, well-regulated secondary market and a system that will accommodate member-demand for long term fixed rate mortgage products.”
Mislansky, senior vice president and chief lending officer, Wright-Patt CU, and president, myCUmortgage LLC, Beavercreek, Ohio, also serves as chair of CUNA’s housing subcommittee.
CUNA is encouraged by the current bipartisan debate on housing finance reform, and will continue to fight for a system that will ensure credit unions’ access to the secondary market, protect taxpayers from future bailouts and support stability and affordability in the housing market.
CUNA will continue to its engagement in both the House and Senate as Congress continues its work.
During his testimony, Mislansky shared CUNA’s principles for housing reform with the committee.
Those principles are: