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By Mortgage Cadence
Here's a question every credit union lender ought to know the answer to: which industry has driven the U.S. economy for the past ten years? If you answered ‘housing' you're correct.
Housing in the United States is booming. It's survived every economic hiccup of the last ten years -- unemployment, recession, international financial woes -- and it shows no signs of slowing. Housing construction over the next ten years is, in fact, expected to exceed that of the last ten. This is welcome news for credit union lenders, especially credit union mortgage lenders.
Housing finance will boom right along with the housing market. Yet credit union mortgage lending during the next ten years will only faintly resemble our practices of the last decade. Think of it this way: purchase-money lending is the multi-faceted counterpart to the one-dimensional nature of refinancing. Consequently, ‘strategy-layering' will differentiate highly competitive lenders. Here are five strategies, when used together, spell success in the next ten years:
Mortgage lending is the primary credit union opportunity to result from a sustained growth in housing. It will, in fact be close to a $2.0 trillion dollar per year business for the next several years, most of it purchase-money. If you're interested in learning more, read Harvard University's Joint Center for Housing Studies report on the “State of the Nation's Housing 2004” available free from their website. Prime Alliance 's credit unions will be strategizing on this topic during their annual symposium this June. For more information visit www.symp2005.primealliancesolutions.com
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.
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March 28, 2005
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