LAS VEGAS, March 23, 2012 /PRNewswire-USNewswire/ -- America's Credit Unions are slowly but steadily gaining market share in the competitive and changing home loan mortgage market. "Our current percentage* is highest level since we began tracking this data dating to the early 1990s," stated Bob McKay, ACUMA Chairman of the Board and Chief Operating Officer at Baxter Credit Union in IL.
This begs the question, why are credit unions gaining share now? There are several reasons including consistent underwriting standards and maintaining a high level of trust with credit union members who are in fact the owners of this cooperative financial model, and the biggest reason of all members finally realizing their credit union offers these products and is a better alternative to banks. "Interest in credit union home loan lending has been on the rise for the last several years. Recent media attention and social media events like Bank Transfer Day brought even further attention to the great story taking place today for American families with credit unions," added McKay.
One other important issue is most credit unions truly care about the communities in which they live and work. It's a page from the old school, from days gone by when financial institutions originated and serviced their own loans locally. Consumers personally know the people they are dealing and through good times and bad they deal with the same people. This simple concept had been overlooked in the minds of many homeowners during the crazy lending markets of a decade ago, but making a strong comeback today as homeowners, particular younger borrowers, are more sensible and do more homework prior to selecting a lender.
Make no mistake many of the nation's credit unions are solid financial institutions offering the same products and services (generally less costly than banks) and are there when you need them. Ask friends and neighbors how you can join. If you are already a member, check out your credit union today, you may be pleasantly surprised!
ACUMA – The American Credit Union Mortgage Association is a non-for-profit trade group promoting credit unions in the business of home finance. For more information check us out at www.acuma.org.
* Source: Credit Union Call Report data and MBA's Mortgage Market Data.
** Calculation is based on dollar volume of activity.
CONTACT: Bob Dorsa, +1-877-442-2862, [email protected]
SOURCE American Credit Union Mortgage Association