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Macroeconomic shifts drove changes in member demand, which impacted top-level credit union metrics.
Some underwriting and belt-tightening, staffing and product changes are part of the response as swiftly rising rates roil the housing market.
The U.S. is experiencing a shortage of homes amid record demand, which is likely to have an impact on mortgage lending moving forward.
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Supply still lags demand but price hikes are slowing, and a lot has changed in the past 15 years.
First mortgage originations at credit unions have risen substantially in the last decade, a period in which median home values have nearly doubled.
GreenState Credit Union has committed $1 billion toward home loans for communities of color. CEO Jeff Disterhoft is rallying the entire industry to take similar steps.
The Wyoming-based credit union is testing a program that rewards members for contributing to a fund to help other members more easily afford a down payment on a home.
Credit unions across the country have rolled out programs to create better days in their communities.
A program at Carolina Foothills FCU targets low-income borrowers with flexible underwriting practices, financial education, and partnerships with public, private, and nonprofit groups.
Larger average mortgage balances have offset the reduced pipeline, and credit unions are holding these loans on their balance sheets at greater rates.