Being Memberlicoius is supposed to be FUN! After all, how cool is it to help someone buy a home, especially their first home. Recently, our Wright-Patt Credit Union mortgage group filmed a video to show how memberlicious they are as part of a Credit Union wide video contest.
Check it out
That’s the famous line from Poltergeist 2 when the little girl answers the phone. And it’s applicable today, as Fannie Mae (and I presume Freddie Mac) will soon bring back the 97% LTV loans.
Today, I got the opportunity to hear Steve Deggendorf, Fannie Mae’s Director of Economic & Strategic Research, present some of Fannie’s most recent market research. If you don’t pay attention to the information Fannie researches and presents (for free) you are missing out big time. You can visit Fannie’s web site to see the great amount of high value research.
I don’t know that Steve’s ever heard the term “memberlicious”, but the material in his presentation is great fodder for how Credit Union could become more memberlicious. Steve presented a lot of good data and insight, but I was most interested in the section of his presentation of how higher (greater than $100k and lower income (less than $50k per year) borrowers look at purchase process differently.
Here’s what Steve shared:
The other day I walked by this sign and just had to take a picture.
Now I don’t eat Sushi. There’s that warning on their menu that makes me nervous – consuming raw or uncooked meat or fish may cause illness or death. There’s a reason why they put that warning on menus. Somebody probably became deathly ill. So I don’t east sushi.
Anyway, I was intrigued by the sign. Half Price Sushi Every Day. So what are they marketing. If their everyday price is half price, isn’t that the real price. Confused, so was I.
So what does this have to do with mortgages and being memberlicious? Well grab some wonton soup, eggroll or General Tso’s chicken (I do love the Chinese buffet) and read on….
Yes, you read that right. Bank of America. The bank that bought Countrywide and its miserable mortgages. The bank that has settled for $16.5 million with federal and state authorities. The bank of robo-signing fame. They are trying to be Memberlicious…..and we should be paying attention….