Happy birthday to the American Credit Union Mortgage Association, which was founded on March 29, 1996.
In his usual style, ACUMA President Bob Dorsa used the occasion to highlight ways credit unions need to remain nimble in their mortgage lending, particularly in the growing number of short sales or otherwise distressed properties.
"Statistics tell us about 1/3 of today's market production comes from short sales or distressed properties. In most cases this transaction includes a professional REALTOR. So now we have the prospective borrower/buyer, the REALTOR, the holder of the loan and the NEW lender. As I understand it the timetable for each of these parties is slightly out of sync. I suspect some of you may have found yourself in one or more of these positions at one time or another in the recent history," Dorsa wrote.
So here is my question for our Credit Union members, 'How are you equipped to offer solutions and dealing with inquiries like these from members and prospective members'. If you do NOT have a solution you are obviously not going to be able to compete in the marketplace for this portion of the business," he added.
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