Let’s Go Break Some Windows

Broken_WindowLast week, the Credit Union Journal ran an online article entitled “Mortgage Window of Opportunity Could be Closing.” The article asks the question if banks start to ease their mortgage lending underwriting criteria, will Credit Unions start to see a decline in their market share.

The author correctly points out the tightness of credit standards at banks has allowed Credit Unions to gain opportunity and grow market share. There’s lots of evidence that the credit box is too tight. In fact, the GSEs recently announced they would be returning to a 97% LTV first mortgage loan in order to help more people obtain home ownership.

But after that the author misses the key points about why Credit Unions have advanced market share…..and its’ about being memberlicious. And if we keep being memberlicious and focusing on the right things, not only can we keep the window of opportunity open, we can shatter the glass.

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Modern Mortgages for Members

ModernMortgagesI’m always on the lookout for Credit Unions being memberlicious. I recently ran across a report from Callahan & Associates called Modern Mortgages for Members. It’s a great read as it highlights five Credit Unions (including my own) and how they are helping more members with home ownership. You can download the report here through the end of the year.

There’s lots of good take aways from this report. Here’s a few of mine….

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A Lesson from the Dentist Chair

I went to dentist yesterday. I like my dentist, but it’s one of my least favorite things to do – the scraping, scrubbing, bright light, instruments in my mouth. UGH! I just white knuckle the arm rests and wait for it to be over.

Anyway, as I sat there, I could partially hear the conversation of the person in the next cleaning area talking to the dental hygienist. They were talking about her buying a home. I didn’t mean to eavesdrop, but it was just too easy to hear. There was an important lesson to take from it…..

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I think I’ve got a man crush on Quicken Loans. They do some cool stuff. I’m sometimes jealous of the resources they have and singular focus to be a great mortgage lender.

They’re at it again. Quicken Loans ranks highest in customer service for mortgage originators, according to the J.D. Power 2014 U.S. Primary Mortgage Origination Satisfaction Study. This is the fifth year in a row for them to win. I think this says something about their quest for greatness, but it could be that everyone else is just awful.

I write about Quicken from time to time because they do so much right. Like what?????

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What Not Refinancing Can Cost a Member?

The other day the Wall Street Journal published an interesting article entitled “The Steep Cost of Not Refinancing.” There’s lots of memberlicious nuggets here to take away. The entire article can be found here.

The premise of the article is that by not refinancing a mortgage loan when interest rates drop can cost a home owner tens of thousands of dollars in savings over the life of the loan.

The article quotes a paper published by the National Bureau of Economic Research that states as of the end of 2010 nearly one in five American homeowners had not taken advantage of lower interest rates. And it states that the present day dollars a member foregoes is about $11,000. That’s a lot of money!

Since then, I’m sure many have as rates were entering a low point at that time, but let’s assume that there’s still 20% of Americans who haven’t refinanced. What could that mean for Credit Unions wanting to be memberlicious?


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