Credit Unions Increasing Role In Real Estate
Borrowers who are looking to
“We’d
be remiss if we didn’t give a shout-out to the major banks for being
annoying to consumers and forcing people to seek out other
alternatives,” says Bob Dorsa, the president of the American Credit
Union Mortgage Association in Las Vegas.
Credit
Unions are seeing this national trend and working fervently to foster
an atmosphere that keeps the customers rolling in. They are becoming as
competitive as they can in regard to rates. In addition, credit unions
tend to offer lower closing rates than most big banks, and by keeping
their services in-house, credit unions are able to be more response and
prompt in their service.
This
is a strong trend, but the longevity of it is in question.
“Historically, when rates go up and refi goes down, our share and
origination volume drops,” Dorsa, he president of the American Credit
Union Mortgage Association in Las Vegas, says. “We’ve made a concerted
effort this time to get out in front of REALTORS®, so we hope we won’t
take as much of a hit production-wise as we have in the past.”
Source: “The Credit Union Alternative,” The New York Times (Dec. 13, 2012)
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