Credit unions around the country have been using a mixture of increased borrower education, a wide variety of mortgage loan products and different loan strategies to help their members qualify for mortgages, industry executives explained.
One example of this trend is the 162,000-member, $1.41 million UW Credit Union, headquartered in Madison, Wis.
Having a wider variety of mortgage products helps credit unions assist members in overcoming their individual challenges when seeking a mortgage loan, according to two UW executives.
UW is the largest housing finance lender in the Madison metropolitan area.
Mike Long, chief credit officer at UW, and Julio Rios, director of mortgage lending, said the CU was on track to book roughly $100 million in purchase money mortgage loans and between $190 million and $200 million in refinance loans this year and emphasized the impact a wide product line can have.