news.cuna.org/articles/106748-cuindenver-mortgage-experience-deepens-member-relationship

CUinDenver: Mortgage experience deepens member relationship

July 13, 2015

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.

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Chris Arenz, director of mortgage payment protection for CUNA Mutual Group, imparts advice on how credit unions can grab a larger share of the mortgage market during a breakout session at the America’s Credit Union Conference and World Credit Union Conference Monday. (CUNA Mutual Group Photo)

“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:

  • Know the market and tailor mortgage services, products and processes to meet member needs;
     
  • Build referral relationship with professionals in the real estate industry, frontline staff and members;
     
  • Structure mortgage departments for success with experienced mortgage lenders and streamlined processes and systems;
     
  • Deliver exceptional service by offering mortgage expertise, and prompt underwriting, processing and closings; and
     
  • Build on the mortgage connection with effective cross-selling.

“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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