Partnering to Make Your Community a Better Place

I have the good fortune of getting to write for the monthly CUES Loan Zone online publication from time-to-time. Here’s the article I wrote for this month…… It focuses on some home loan related things my Credit Union has done in our communities to be more memberlicious!

Enjoy!

 

Click here to go to the article. 

 

 

Act like a Dog!

Me & MazyI’m a dog guy. I had one growing up. We got one for the family almost four years ago. Since then Mazy has been a big part of our lives. She’s a happy dog, always wants to play, is willing to fetch a tennis ball for as long as my arm holds out throwing it and has been a blessing to our family since we got her as a puppy. She looks like a lab, but is a pure mutt.

In my pursuit of interesting blog topics, I started thinking about how a mortgage loan originator could be memberlicious by acting like a dog. Here’s what I came up with…..

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It’s Cheaper to Keep a Mortgage Customer than Get a New One

I spend a lot of time talking about going out and getting new business. Working with Realtors, courting first time home buyers, partnering with local housing non-profits, but I have not ever talked much about trying to retain the existing borrowers you already have.

There’s a wide range of industry research that it’s five to seven times cheaper to keep an existing customer than go out and get a new customer. And if’s that truly the case perhaps Credit Unions should be thinking about how to hold on to the borrower’s they already have. MGIC, through their Lender Landscape product, has been studying this retention for a long time.What does their data say and what should it mean to Credit Unions? Read on….

 

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Nine is Mighty Fine

It’s that time of the year when the quarterly mortgage data is released by the Mortgage Bankers Association and Callahan & Associates.

And the data is mighty nine because for the first time ever, Credit Unions captured a 9% of the mortgage market! We must be doing some memberlicious stuff……….

Q2 2014 Market Share

And the chart shows that in the last five quarters Credit Unions have grown market share from 6.0% to 9.0%. That’s a big jump!

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How Quicken Loans Supports Realtors and What Are Credit Unions Doing About It?

Recently, I’ve been writing about the need to serve the First Time Home Buyer market. It’s a big market and these are the type of future members Credit Unions desire. If you’re doing well with this demographic, you may want to consider attacking another market – Realtors.

By now Credit Unions hopefully know that Realtors are highly influential in a buyer’s choice of lender and that Realtors are loyal to lenders that can get their loans closed on time.

Quicken Mortgage knows this too but I think they’re doing more than most Credit Unions about it. What are they doing? Read on…

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