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……….
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!
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…
A friend of mine shared some good content with me recently that I thought I would pass on…..It’s on one of my favorite subjects – First Time Home Buyers. Recently I wrote that a study by the Federal Housing Finance Agency suggests nearly 60% of home buyers in recent years are first time home buyers. In other words, they’re a big part of the market. Here’s a few more reasons that you should be catering your mortgage offerings to first time homebuyers…..
Have you read FHFA Brief 14-02 that was released on July 31st? Probably not, but that’s okay. It a housing & mortgage policy study on first time homebuyers. I read it because I think developing great first time home buyer programs is the most memberlicious thing a Credit Union can do.
The study results are based on data sets from loans guaranteed by Fannie Mae or Freddie Mac and loans endorsed by the Federal Housing Administration. That’s a lot of loans – maybe 80% to 90% of all production.
You can read the whole report here.
Or you can read on…..