The last 18 months were historic for the mortgage industry. The COVID-19 crisis sparked a record number of refinances, and purchase volume remained strong amid limited supply.
But nothing lasts forever, and recent industry predictions forecast a challenging market ahead. However, 2022 doesn’t have to be a lost cause. Upcoming changes to the mortgage market present a significant opportunity for credit unions that are willing to implement creative, proactive strategies.
As you’re budgeting, forecasting, and planning for 2022, we recommend considering these five tactics to help prepare for and offset a predicted reduction in production volume:
With strategic preparation and focus on areas where you can add value for homebuyers and refinance candidates, credit unions can turn the potential challenges of 2022 into an opportunity to sustain mortgage volume.
If you’re interested in budget-friendly support and expertise to help serve your members in the new year, consider partnering with a mortgage CUSO like TruHome.
JEFF VOSSEN is senior vice president of mortgage originations and operations at TruHome Solutions.
GREG SPURGEON is senior vice president of secondary marketing at TruHome Solutions.