Credit Unions overtake Thrifts as Mortgage Lenders?

overtakeWhile on the road, I tried to keep up with my industry reading. This caught my attention from the June 26th email edition of Inside Mortgage Finance.

8-Year Low for Mortgage Debt; But Credit Unions Could Surpass Thrifts in Holdings

Wow. The lead story isn’t very often about Credit Union mortgage lending.

Here’s what the story said….

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A 6 Month Anniversary

Happy AnniversaryI’m back in the office after a two and a half week road trip out west. The family and I drove 5,744 miles and visited 19 states and saw great sites such as the Grand Canyon, Yellowstone, Mount Rushmore, Zion National Park (my favorite) and so much more. During the long drives across the plain states I caught up on some reading and read an article about how it has been 6 months since the QM rule went into effect.

It’s seems to somewhat of a non-issue so far. Many lenders are making non-QM loans and continuing to help borrowers. Is your Credit Union?

Here’s a story about a borrower we helped at my Credit Union where if we were only doing QM loans, we would have said no, but instead we choose to be memberlicious.

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What’s Your Mortgage WHY?

Tim Mislansky:

This was one of my most read and most commented on posts. I think it’s the most important area you need to think about in regards to your Credit Union’s mortgage lending because it will drive everything else you do. I’m back in the office next week and will start up with some new posts. As always, thanks for reading.

Originally posted on Mortgages Are Memberlicious:

golden_circle1I recently finished a good book called Start with Why by Simon Sinek. He creates a golden circle that explains how great leaders focus their organizations.  It’s a good and quick read and I highly recommend it. And if you aren’t a reader, you can view the author speaking on the subject on TED.

The premise of the book is about the Golden Circle about how companies operate. The outermost circle is the WHAT.  Every company does something. That’s the WHAT. Usually the WHATs are easy to identify. We make widgets. We sell cars. We do remodeling work. All of these are WHATs.

Next comes the HOW. The HOW is HOW your company does the WHAT. Think of it as your value proposition or competitive advantage.  HOWs are often used as selling propositions to explain HOW something is better or different. We have a low cost advantage. We have great…

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The Return of the ARM

Tim Mislansky:

Another repost from last year. This one talks about ARM lending coming back into vogue. It’s become a big deal for some CUs as a way to help kore members and build portfolios. You should consider it.

Originally posted on Mortgages Are Memberlicious:

Photo-467The Return of the ARM sounds like a bad horror movie that you’d see on really late night TV, but it’s actually a growing movement in mortgage lending. According to a recent article on the American Banker website, mortgage lenders are pushing adjustable rate mortgages as refinance volume drops.

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What’s on Your Secret Menu?

Tim Mislansky:

Here’s another early post about how to be memberlicious. Hope everyone has a safe and Happy 4th of July!

Originally posted on Mortgages Are Memberlicious:

Did you know that most fast food restaurants have a secret menu? Probably not because after all, they are secret. Many  now have special items that are not on their menu but are available if you know what and when to ask. Apparently there is a certain amount of luck and timing to get to try one of these delicacies. Don’t try to get a secret menu item during peak times as they often take longer to prepare than the traditional assembly line food. Also, they are not available at every restaurant in a chain.

My son, Joe, eating a Quesarito off Chipolte's secret menu.

My son, Joe, eating a Quesarito off Chipolte’s secret menu.

Recently my son experienced an item off Chipotle’s secret menu. It’s called a quesarito, which is a Chipotle burrito wrapped inside a cheesy quesadilla. Have you ever seen a Chipotle burrito? They are huge. So to wrap it in a quesadilla is a bit ridiculous…

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