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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