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By Fannie Mae
As the credit union industry aims to grow its mortgage market share from a stagnant 2% to 10%, it’s more important than ever for you to be creative in designing and executing strategies to tackle this goal. Put the following concepts to use as you develop your strategy.
1. Good strategy is second to good execution – Define your business strategically but make sure you can execute with excellence. Strategy is about weighing your options and making the best net strategic trade off to achieve your goal. Execution is about aligning the right ownership and resources to deliver on your plan effectively and efficiently.
2. Keep up with the pace of change – Be open to new ideas and be certain you have a strong understanding of the competitive forces at work in the industry. Strategic companies are receptive to growth opportunities, even when they know it will take time for them to bear fruit. They are willing to experiment with pilots, and they don’t exhaust massive resources to make that happen.
3. Stay agile – The market impacts strategy, and today’s market is a changing one. Is your strategy designed to change with the market? For example, the housing market is projected to climb over the next 15 years. As America’s multicultural markets grow, so do the opportunities surrounding an untapped market of families for home financing.
4. Use your points of differentiation to impact strategy and tactics – What advantages can you leverage to move the mortgage origination needle from 2% to 10%? Inherently, credit unions have a number of advantages over other financial institutions. A high sense of service and value to members, a willingness to say yes, high retention of loan servicing, and the ability to engage and retain members on a long-term basis are just a few of the many points of differentiation; use them to your advantage.
5. Know that you don’t have to “go it alone” – Fannie Mae offers several ways for you to expand your business. We have had a dedicated credit union team for more than six years. Take advantage of products such as MyCommunityMortgage™ (MCM™), and Flex-Plus™ 103%, technology tools like Desktop Undewriter® and Fannie Mae’s local Community Business Centers.
The challenges associated with growing your market share are real. But if you approach the strategic process creatively and execute with excellence, you can position yourself for significant success.
For more information on how Fannie Mae can help you develop strategies for success, visit the Credit union page on efanniemae.com or contact Tammy Trefny or Sean Habron.
Desktop Underwriter and Expanded Approval are registered trademarks of Fannie Mae and Flex-Plus, MyCommunityMortgage, and MCM are trademarks of Fannie Mae.
This sponsored content article is provided to the credit union community for shared insights and knowledge from a recognized solutions provider in the industry. Please note that the views and opinions offered here do not reflect those of Callahan & Associates, and Callahan does not endorse vendors or the solutions they offer.
If you are interested in contributing an article on CreditUnions.com, please contact our Callahan Media team at firstname.lastname@example.org or 1-800-446-7453.
April 2, 2007
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