Mortgage Lending Improvements
A credit union that positions itself as a mortgage lender of choice has the ability to meet the real estate borrowing needs of the majority of the consumers in its local or regional market. The benefits of becoming a mortgage lender of choice include: gaining a reputation with members as their primary financial institution; serving more members with a variety of mortgage loans in addition to consumer loans; choosing a loan production strategy to hold or sell loans consistent with ALM purposes; using technology to originate, underwrite and approve loans to be more competitive against established rivals; and enhancing relationships with members by servicing their mortgage loans in-house even if the loan is sold to Fannie Mae or Freddie Mac.
The credit union thought of as a mortgage lender of choice must have the loan products, accumulated staff knowledge and experience, organizational structure, and systems, procedures, and controls to provide these mortgage services in a timely and competent manner. The implication for a mortgage lender of choice is to be full-service. It isn't easy but it can be done. Contact Strategic Mark to find out how your credit union can be your members' choice mortgage provider.
