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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Catering to First Time Home Buyers

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…..

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Seize the Day

Tim Mislansky:

In honor of Robin William’s passing, I am re-blogging this post from November. Go Seize the Day!

Originally posted on Mortgages Are Memberlicious:

One of my favorite movies is Dead Poets Society. Robin Williams plays an unconventional teacher at a college prep high school. He is well loved by his students for encouraging them to “Carpe Diem” or “Seize the Day”, but despised by parents and administrators for his so-called teaching antics. There’s a great scene when he challenges his students. He says “Just because you think you know something, you have to look at it another way. Even though it might seem silly or wrong. You must try.”

I think Credit Union mortgage lenders should be thinking this way.

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Are First Time Home Buyers a Bigger Share of the Market than You Think

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…..

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