LAS VEGAS (3/26/12)--Mortgage originations at U.S. credit unions have exceeded 6.5%, slowly but steadily gaining market share, according to the American Credit Union Mortgage Assocation (ACUMA).
"Our current percentage is the highest level since we began tracking this data dating to the early 1990s," said ACUMA Board Chairman Bob McKay, chief operating officer at Baxter CU, Vernon Hills, Ill. The percentage is based on dollar volume.
Among the reasons credit unions are gaining share now are, said ACUMA:
- CUs have consistent underwriting standards and maintain a high level of trust with their member/owners.
- Members are finally realizing their credit union offers mortgage products and are a better alternative than banks.
- Consumers are more aware of credit unions through more media coverage. "Interest in credit union home loan lending has been on the rise for the last several years," said McKay. "Recent media attention and social media events like Bank Transfer Day brought even further attention to the great story taking place day for American families with credit unions," he added.
Most credit unions truly care about their communities, and consumers know the people they are dealing with through both good times and bad, said ACUMA. "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, particularly younger borrowers, are more sensible and do more homework prior to selecting a lender," said the organization.