The $341 million Consumers Credit Union, headquartered in Kalamazoo, Mich., has become the latest CU to start offering its members mortgages insured by the Federal Housing Administration.
According to the NCUA, as of Sept. 20, Consumers had close to 1,100 first mortgages outstanding worth close to $133 million. It had modified 36 first mortgage loans worth roughly $6.5 million by the same date.
Relatively few CUs have taken the leap to start offering FHS mortgages, dissuaded in part by regulations and requirements surrounding the program and by the perception that relatively few of their members would be attracted to mortgages insured by the government.
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