This week CreditUnions.com takes a deep dive into credit union mortgage data, finds a credit union that’s unafraid to answer member questions like a boss, shows why credit unions with limited fields of membership don’t have to rely on indirect loans, and more.
Here are five can’t-miss data points for the week:
New Home Mortgage Disclosure Act (HMDA) data is available, and the newest data set shows credit union mortgage loan originations increased 15.4% year-over-year to reach $130.5 billion as of Dec. 31, 2016. Nationally, credit union market share declined slightly to 6.0%. Banks captured 49.0% of the market and mortgage finance companies captured 45.0%.
As Callahan & Associates analyzed the HMDA data released in September 2017, some national leaders emerged. See which credit unions, banks, and mortgage finance companies generate the most mortgages across the country in “Who Tops The Chart In Mortgage Originations?”
In the run up to its 2016 charter change, Commonwealth Credit Union planned to enter its new markets with a personal look and feel for members. Additionally, it wanted to make its CEO, Karen Harbin, a relatable figure with financial authority.
To this end, Commonwealth launched its “Hey, Karen” marketing campaign in 2014. Using social media or an online form, members and non-members alike could ask their banking questions using the hashtag (#HeyKaren), and Harbin would personally respond. In the first few months, Harbin received more than 100 questions per day. Learn more about the initiative and its follow-up in “How To Answer Member Questions Like A Boss.”