Credit Unions: The Unsung Heroes of Mortgage Lending

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More than 100 million Americans are members of credit unions, and not just because they want inexpensive checking. These nonprofit lenders are increasingly winning over borrowers with low-cost mortgages and programs aimed at first-time home buyers.

From 2005 to 2014, credit unions grew their share of the mortgage market to 8.3 percent from 1.9 percent of all originations, according to Bill Hampel, the chief economist and chief policy officer for the Credit Union National Association. They picked up a lot of business during the housing crisis, when the secondary market for mortgage loans collapsed. Because member-owned credit unions hold most of their loans in portfolio, they were able to keep on lending when the big banks pulled back.

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Keith Kaplan

CalBRE #01933707
Sothebys International Realty
9255 Sunset Blvd.
West Hollywood, CA   90069

keith.kaplan@sothebyshomes.com

310-646-7791

 

 

 

 

 

 

 

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