Credit union market share has been falling since its peak in the first quarter of 2009. The challenge for credit unions will be to build new market share or reclaim lost share in the evolving mortgage market. This webinar will focus on data and credit union success stories that will provide your credit union with some key action step to drive your mortgage lending business in 2010.
In this event, we will discuss:
- What are current trends in and outlook for the housing market and credit union mortgage lending?
- What do these trends indicate for opportunities credit unions may have in 2010?
- How can credit unions leverage external relationships and opportunities to attract new mortgage business in a market in which home purchases will be the growth sector?
In the first quarter of 2009, credit unions hit a record share of the U.S. first mortgage market at 6.3%, triple the average of the preceding years. The first quarter was also the peak of the “Refi Boom,” where refinance application volume reached levels not seen since 2003. Over the last two quarters, credit union market share has been falling as refinance activity subsides and competitors begin to reenter the mortgage market. The Mortgage Bankers Association predicts purchase activity will overtake refinance. If financial institutions wish to continue to grow through mortgage lending, they must be prepared to capitalize on new purchase mortgage opportunities.
Credit unions remain well positioned at the tail end of this recession to surge ahead of the competition through their mortgage lending programs. While other financial institutions work to regain lost momentum, credit unions have used this recession to establish themselves as trusted advisors and sources of available mortgage credit. Credit unions hold the potential to post an even stronger year of mortgage lending than they did in 2009, but must cultivate and leverage the right resources to do so.