According to the American Credit Union Mortgage Association (ACUMA), mortgage lending in credit unions is withstanding the breakdown of the financial services industry while demonstrating positive growth. Additionally, the National Association of Federal Credit Unions has reported that approximately 90% of all credit union loan growth through June 30 resides in mortgage lending.
‘Credit unions originate good loans with competitive rates and usually lower fees,’ notes Bob Dorsa, president and CEO of ACUMA. ‘It is the roots of the credit union system that is the backbone of our lending strategies.
‘Our loan portfolios seem to be performing modestly well overall, despite the panic others are experiencing,’ he continues. ‘The message credit unions need to be spreading is that today, nearly every American is eligible to join a credit union. Eventually, homeowners will find this out, but hopefully not before it's too late.’