DALLAS — While creating great national unease, the mortgage crisis offers credit unions outstanding opportunities to increase market share as the industry assists beleaguered homeowners, according to a major CU service vendor.
"Credit unions know how to do this right and you know we are stuck at 2% and so these problems provide a tremendous chance for credit unions to really grow their portfolios," observed Linda Clampitt, senior vice president of CU Members Mortgage, which has a $12.5 billion portfolio and services 750 CUs, leagues and CUSOs nationwide.
The 2% comment apparently refers to the industry's share of the mortgage market with Clampitt stressing the need for CUs sticking to lending basics "and partnering with those you know."
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She said there are various positives for CUs in the current mortgage meltdown "since we can play a pivotal role in trying to calm the fears of members."
Clampitt said the fast-moving mortgage developments including the collapse of American Home Mortgage of Melville, N.Y. "has us all concerned and watching the situation very closely."
Her remarks 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.
For its part, the Vermont trade group confirmed that besides CU Members "there were other vendors" who bid on the mortgage servicing agreement, but the Dallas firm was finally chosen.
In a prepared release, AVCU Vice President Bryan Kent said the new partnership achieves two goals. "We want to provide the support our credit unions need to increase their market share of home loans while helping more Vermont consumers realize their dream of home ownership. CU Members Mortgage has the capabilities and experience to help our credit unions do both."
The release also quoted J. David Motley, president of CU Members, as saying the AVCU's mission to provide education and a wide product line fits the firm's goals adding "with our online loan application, mortgage education, marketing support, extensive product line, and secondary market capabilities, CU Members Mortgage shares an almost identical philosophy."
That philosophy is geared to provide CUs "with the tools they need to increase home ownership among their members and market share for their institutions."
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