DALLAS — The nationwide mortgage jitters marked by last week's collapse of American Home Mortgage should demonstrate to credit unions the need to stick to basics and “partner with those you know,” a major CU service vendor said this week.

“We're all concerned and watching these developments very closely,” said Linda Clampitt, senior vice president of CU Members Mortgage, which has a $12.5 billion portfolio and services 750 CUs, leagues and CUSOs nationwide.

Clampitt's comments came as the Dallas-based firm announced a new marketing agreement to handle servicing for the Association of Vermont Credit Unions. CU Members said the Vermont pact is similar to one signed last year with the Louisiana Credit Union League.

“While what has happened has made many nervous, on the other hand this provides a tremendous opportunity for credit unions to really grow their portfolios since they know how to do it correctly,” said Clampitt. “Credit unions are stuck at 2% of market share but this can really be a positive development for us since we do play a pivotal role in trying to clam the fears of our members.”