Best Of Mortgage 2016

Credit unions used creative ways to serve new markets and members throughout 2016, and they survived the first year of some dramatic document changes.

The credit union movement has been steadily building its share of the mortgage market for several years. What better way to serve a community of workers, neighbors, or some other common bond than by financing a home?

How credit unions lend the credit union way was a popular subject throughout the year at Here are five articles that provided different perspectives on that broad topic, from how to incent lending offers to contending with new compliance realities.

5.8 Facts About HELOCs And Second Mortgages

The average credit union holds $12.7 million in HELOCs and second mortgages, and the rising housing prices in many markets are sparking renewed interest among homeowners interested in leveraging their in-house equity. Check out this graphic of the week regarding how that dynamic is showing up in industry metrics?

4.Make A Wish. Buy A Home.

Creative credit unions have been finding new ways to use grants, gifts, and other assistance to help would-be homebuyers who can’t pay the entry costs to homeownership. For example, TruWest Credit Union in Scottsdale, AZ, has been working with the Workforce Initiative Subsidy for Homeownership (WISH) program through the Federal Home Loan Bank.

3.How To Lay The Foundation For Construction Loans

Lenders at Directions Credit Union have been working hard to build the Ohio financial institution’s share in a market segment not typically big with credit unions: new home construction. Why? Because it meets a member need.

2.A New Approach To Pay Scales At Member One FCU

Member One Federal Credit Union in Roanoke, VA, expanded office hours and cut back on lending officer base pay to ramp up its mortgage business. What could have been a recipe for disaster turned out to be a secret sauce for success.

1.The Truth Of TRID

The biggest change to compliance paperwork in years came in the form this year of the TILA-RESPA Integrated Disclosure (TRID) rules and forms. Callahan & Associates surveyed 203 credit union executives from 46 states on how they dealt with the back-office and member-facing changes required. They shared some interesting insights.

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January 7, 2017

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