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News Now

CU System
iChicago Tribunei CUNA notes CUs grow as mortgage option
MADISON, Wis. (10/31/11)—An Chicago Tribune article on Friday touted credit unions as a borrower-friendly source home owners looking for refinancing options.

The article by syndicated columnist Lew Sichelman will appear in numerous newspapers and other publications nationwide.

Credit unions are on track to originate just $68 billion in mortgages, according to statistics provided by Mike Schenck, senior economist at the Credit Union National Association, for the article.

Although credit unions are often overlooked by loan shoppers, they offer the same loan products as other mortgage lenders, the Tribune said.

"Moreover, credit unions usually don't tack on all the junk fees that more traditional lenders like to charge," the article said. "They also tend to offer better, more personalized service. Indeed, they consistently earn the highest marks among financial institutions in customer satisfaction surveys."

The article specifically cited Kinecta FCU, a California-based credit union with 225,000 members, which recently launched a program that allows high-net-worth members to count a percentage of certain assets as income for qualifying purposes.


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